Saturday, May 12, 2018

Brent Oil - Ichimoku Weekly Chart Study - Fibonacci 162% ($78) - Week 3 of May 2018.






Investing.com
 
chart > 
Click


Introduction & Primer to Ichimoku can be read at this link > click.
 

PAST

Index after breaking out of the range between the Red and Blue lines, makes a 'Higher High' (link)
Brent Oil, reaches resistance at the Fibonacci 162%.


NEXT

Bears, plan to defend the current resistance $78, the Fibonacci 161.8% (of the 2016 low to 2017 high)
Bulls plan to continue to trend above this mark to make target @ $82-$89.



WRAP


Bears pray for a weekly red candle and life below the Fibo 162%.
Bulls seek to trend on and reach the next target ($82-$89).