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Monday, March 13, 2017

SGX Nifty (Asia Singapore) - Ichimoku Weekly Study - Knocking @ High - Week 3 of March 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 closes at the September 2016 High last week and heads for the March 2015 High now.

Chikou Span (white) deflects above the Price line after a touch of the September 2016 high (see extreme left). 
Tenkan Sen (blue) and Kijun Sen (red) in a Bullish Cross.

Wrap:
Index takes off from support and is negotiating another previous High - with a Strong Bullish Cross to back it.




Looking Forward into this Week:


Bulls get a Tenkan Sen and Kijun Sen cross - which is a strong Bullish Signal.
Chikou Span - needs to stay above the Price line to keep the Bull move alive.
Bears dream of defending the March 2015 High, and crashing the index to sub 7070 levels.



Wrap: 
Bears would want to defend the current resistance and get Index back below Weekly Supports. 

Bulls plan for Higher highs on the back of the Bullish 'Tenkan Sen- Kijun Sen Cross'.