Saturday, October 29, 2016

Brent Crude Oil - Ichimoku Weekly Study - Support - Week 1 of November 2016.

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

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

Index moves down after facing resistances seen in previous weeks - Tenkan Sen provides exact support
Chikou Span turns down facing resistance at the Kumo bottom #W1.
Bears defend the recent highs #W2. 

Index is stopped by the Chikou Span resistance at the Kumo #W1. Tenkan Sen gives precise support #W1.

Looking Forward into this Week:

Bulls look to make this fall a higher low, so as to maintain the current trend #W2.
Bears want the index below the Tenkan Sen and back in the Kumo #W2.

Kijun Sen (inside the Kumo) is last line of defense for Bulls W2.

Bears look to use fall to get below the Kijun Sen
Bulls look to make a higher low and keep the up move intact #W2.