Monday, February 5, 2018

Nifty (Asia India) - Ichimoku Weekly Study - Engulfed by Channel Resistances - Start of Week 2 of February 2018
chart > 

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Index falls back to support at the 162% Fibonacci (of the 2015 low to 2016 high) after being sent back by the Channel Resistances shown.
Index attempts to keep above the Blue Tenkan Sen Support (10626), at this point in time.


Bulls hope to stop falling at the cluster of support lines shown.
Bears want to force a lower low after breaking the red support line (10434) above.


Bulls seek to use current support, to keep above the Tenkan Sen and target the 200% Fibonacci once again.
Bears, after the Channel resistances gave them a massive red candle, now seek to make a lower low (sub 10033).