Saturday, October 14, 2017

Brent Crude Oil - Ichimoku Weekly Study - Engulfed above Support - Week 3 of October 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 keeps above support (Tenkan Sen - blue line) and makes an Engulfing pattern.
Senkou Span A and B, flatten but stay crossed bullishly (right extreme). 
Chikou Spandeflects off the Price line (left).
Tenkan Sen and Kijun Sen flatten and remain crossed bullishly (center).


Wrap:   
Index makes an Engulfing pattern above support, Throw Back in progress...




Looking Forward into this Week:

All Signals favor Bulls, Bulls push for the Chikou Span deflection at the Price line, to continue.
Keeping above the 61.8% Fibonacci (Of this year's Hi and Lo) and reaching $62 is the Bull plan.
Throw back to the Kumo, in progress - That's the Bear Hope.


Wrap:
 
Bears hope for a 'Throwback', with help from the shooting star & resistance at the previous high.
Bulls seek to keep the advantage with the Engulfing pattern. and support at the blue Tenkan Sen, for move towards $62.