Monday, December 12, 2016

SGX Nifty - Ichimoku Weekly Study - Bulls win skirmish - Week 2 of December 2016.

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

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

Index pops above the Monthly Resistance Line.
Chikou Span reverses and makes a bullish cross with the Price line ('strong signal' as the Bulls managed it, when the index was above the Kumo - see extreme left) .
Chikou Span clears the congestion zone for now.

One Strong Bullish Signal vetoes all the Weak bearish signals, index above Monthly Resistance line

Looking Forward into this Week:

Bears want to keep the index below the Kijun Sen - Weekly resistance - and aim for the Kumo.
Chikou Span - above congestion zone - should stay above the price line (extreme left) for Bulls  to continue up.
Tenkan Sen Cross is the next Bull ask.

Bears want red on the screen and life below the Kijun Sen (Weekly resistance)
Bulls look to clear the weekly resistance (Kijun Sen) to make this Bull trot viable.