Monday, February 20, 2017

SGX Nifty (Asia Singapore) - Ichimoku Weekly Study - Deliberation & Support - Week 4 of February 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)

Index deliberation leads to a red candle - Deliberation was above support @78.6% Fibonacci retrace (between last major High and Low).

Chikou Span (white) above the Price line (see extreme left) .
Resistance (blue) line marked matches with a Higher High.

Deliberation leads to a red candle - index takes support as marked.

Looking Forward into this Week:

Bears would like a Bearish deflection of the Tenkan Sen and the Kijun Sen next.
Chikou Span - needs to stay above the Price line to keep the Bull move alive.
Life above the September 2016 high
 (marked) is the Bull ask.

Bears seek to prevent a Higher High and get Index back below Weekly Support. 

Bulls plan to make a dash above the marked High and make a Higher High.