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Monday, February 6, 2017

Brent Crude Oil - Ichimoku Weekly Study - Tenkan Sen Support - Week 1 of February 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 stays Flat in a range - last week saw the Bulls dominate.

Tenkan Sen (blue) climbs up to support the index.
Chikou Span (white), pips up (see extreme left).

Wrap:   
Chikou Span up
, Index is Flat. Range break expectations high. 



Looking Forward into this Week:

Bulls want to stay above the Tenkan Sen and make Higher Highs (Center).
Bears want to see the Chikou Span, point towards the Kumo.  
The index stays flat / range-bound - range break imminent.


Wrap: 
Bulls want  more green, with life near old Highs and a continuation of current trend. 
Bears want to see the Chikou Span head down towards the  Kumo and the Index get below the marked supports.