Saturday, December 10, 2016

Brent Crude Oil - Ichimoku Weekly Study - Resistance Zone - Week 2 of December 2016.

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)

Bulls after  the massive up move  of the previous week, stay below Resistance with a Doji.
Monthly resistance Line (Kijun Sen on the Month Chart) was again the area of return  
Chikou Span, pops above the Kumo (see extreme left).

Chikou Span above the Kumo, Index held  back  by the Monthly Resistance.

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 the Chikou Span into the Kumo.
Bulls look to make Higher Highs and higher lows, staying above the Kumo.

Bears want life below the Tenkan Sen (Weekly resistance) & Chikou Span back in the Kumo.

Bulls look to clear the Monthly Resistance.