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Saturday, October 29, 2016

Brent Crude Oil - Ichimoku Weekly Study - Support - Week 1 of November 2016.







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



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

Index moves down after facing resistances seen in previous weeks - Tenkan Sen provides exact support
#W2. 
Chikou Span turns down facing resistance at the Kumo bottom #W1.
Bears defend the recent highs #W2. 

Wrap: 
Index is stopped by the Chikou Span resistance at the Kumo #W1. Tenkan Sen gives precise support #W1.
  



Looking Forward into this Week:


Bulls look to make this fall a higher low, so as to maintain the current trend #W2.
Bears want the index below the Tenkan Sen and back in the Kumo #W2.

Kijun Sen (inside the Kumo) is last line of defense for Bulls W2.

Wrap:
Bears look to use fall to get below the Kijun Sen
#W2.
Bulls look to make a higher low and keep the up move intact #W2.