Saturday, December 3, 2016

Brent Crude Oil - Ichimoku Weekly Study - Kumo Take off - Week 1 of December 2016.

Zoom in on this chart .. Click

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

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

Bulls take off from Kumo Support and clear the Previous High and the Kijun Sen.

Monthly resistance Line (Kijun Sen on the Month Chart) was the area of resistance
Chikou Span, pops above the Price line making a Strong  Bullish Signal (Strong Signal, as it happened when the Price was above the Kumo - see extreme left).

Chikou Span above the Price line, Index takes off from support at the Kumo.

Looking Forward into this Week:

Bulls now need to stay above the Kumo and take out the Monthly resistance.
Bears want to get the index below the Weekly resistance and then aim for a lower low.

Bulls look to make Higher Highs and higer lows, staying above the Kumo.

Bears want life below the Tenkan Sen (Weekly resistance).

Bulls look to clear the Monthly Resistance.