Monday, September 25, 2017

Nifty (Asia India) - Ichimoku Weekly Study - Support Holds again - Week 4 of September 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) 


Index keeps above support i.e. Tenkan Sen (Blue line - Center) after being returned from the 141% Fibonacci. 

Bulls retain honors for a Higher High.
Last two weekly candles form an Engulfing Pattern.


Wrap:
Index stays above the Tenkan Sen but makes an 
Engulfing Pattern last week.




Looking Forward into this Week:


Bulls want to keep up the momentum and  reach the 162% Fibo., after the higher high.

Bears look to move the index below Fibonacci 127% and make a Lower Low.

Wrap: 
Bulls intend the keep above the Tenkan Sen and reach the 162% Fibonacci (10521).

Bears seek life below the Tenkan Sen (9932) with help from the Engulfing Pattern.