Saturday, July 29, 2017

Brent Crude Oil - Ichimoku Weekly Study - Kumo Peek - Week 1 of August 2017.

Zoom into chart .. Click

Introduction / Primer to Ichimoku can be read at this link (click).

Learning from the Earlier Study: (click here for the previous post)

Senkou Span A and B, cross Bearishly (right extreme).
Index clears the Tenkan Sen (blue line), Kijun Sen (Red Line) and Peeks out of the Kumo with one massive green candle.
Chikou Span nears the resistance at the Price line (left)

Index almost at the CRITICAL 61.8% Fibo(center). Senkou Span A & B in a bearish cross (right)

Looking Forward into this Week:

Chikou Span above the Price line is now the bull ask (left).
Clearing the 61.8% and making the 127% is the next Bull need.
Senkou Span A&B, Bearish 'cross', with Resistance at 61.8% is Bear plank.

Bulls look to hold the large wave 'Higher Low' and  make a Smaller wave Higher High.
Bears seek life inside the Kumo after the Bearish Senkou Span A and B cross (right) with resistance at 61.8% ($53) holding.