Saturday, October 22, 2016

Brent Crude Oil - Ichimoku Weekly Study - Inside Week - Week 4 of October 2016.

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

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

Index ranges within previous week's Open and Close making a Doji in the process
Chikou Span stuck at the Kumo bottom - which itself is moving up next week  #W1,
Bears defend the recent highs #W2. 

Index stays inside previous week's candle, Chikou Span again halts at the Kumo #W1. 

Looking Forward into this Week:

Bulls now want Higher Highs and Higher Lows #W2.
Bears want the index below the Tenkan Sen #W2.

Chikou Span can now slide up along the Kumo bottom, where its stuck for some time W1.

Bears look to use current resistance to get some more red on the screen 
Bulls look to get the Chikou Span into the Kumo or move up with it #W2.