Monday, February 10, 2014

BSE Sensex - Ichimoku Study - Chikou Span Slide - Week 2 of February 2014.

BSE 30 - End of  Week Chart (EOW) - Analyzing 12 Month's Data - as on 07 Feb'14

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

Learning from last Week: (click here for previous post)

Bulls stay below the Tenkan Sen  #W2.
Senkou Span A & B - converge #W3.
Distance between Tenkan Sen and Kijun Sen contractst #W2
Chikou Span slides away from Price zone - avoiding a bearish cross #W1.  

Wrap: Index stays between the Tenkan Sen and Kijun Sen #W2.

Looking Forward into this Week:

Chikou Span needs to cover a lot of ground to meet the Price Line in the next few weeks - thus postponing a bearish cross #W1.
Bears need to stay below the Tenkan Sen to remain in the game #W2.
Convergence of Tenkan Sen, Kijun Sen and the Senkou Span A & B favors Bears  #W2 #W3.

Wrap: Bears eye the Kumo  #W2. Bulls trust the Chikou Span stays above the Price line #W1.