Monday, January 16, 2017

SGX Nifty - Ichimoku Weekly Study - Weekly Resistance Holds - Week 3 of January 2017.

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 making a Higher High, reach the Weekly resistance precisely.
Chikou Span (white line) still has a bearish cross with the Price line (see extreme left) .
Kijun Sen (red line) was the High and near close for the week.

Index has third big green week and pauses near the Weekly Support line.  

Looking Forward into this Week:

Bears want to keep the index below the Kijun Sen (red line) (Weekly resistance) - and aim for life inside the Kumo.
Chikou Span - could hug the Price-line, tracing its steep up move.
Life above the Tenkan Sen (blue line) is the Bull ask.

Bulls look to clear the Weekly Resistance line, and continue to the previous High. 
Bears want some red on the screen after a precise stop at the Kijun Sen (and (google) 'Three White Soldiers').