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Monday, September 5, 2016

Brent Crude Oil - Ichimoku Weekly Study - Throwback to Support - Week 2 of September 2016.







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


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

Bears get another red week as the index throwback continues, support was at the Kijun Sen
#W2. 
Chikou Span ticks down, from below the Kumo #W1,
Bulls manage to close above the Tenkan Sen and stay in the spot light #W2. 

Wrap: 
Throwback takes support exactly at the Kijun Sen and closes the week, just above the Tenkan Sen  #W2.
 



Looking Forward into this Week:


Bulls see the index getting to above the Kumo and clearing the last high #W2.
Bears push to go lower, down Kumo #W2.

Chikou Span seeks the Price line #W1.
Tenkan Sen is the support that the Bulls need to stay above, to remain relevant #W2.


Wrap:
Bears aim to get below the Tenkan Sen, going down the Kumo
#W2.
Bulls seek a life above the Kumo and higher highs #W2.