TO READ THIS WEEK's POST CLICK HERE...

Saturday, March 11, 2017

Brent Crude Oil - Ichimoku Weekly Study - Kijun Sen Stop - 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 breaks range - Stops exactly at marked support - the Kijun Sen (red).
Index is now between the 61.8% and 50% Fibonacci retrace of the last major High & Low.
Chikou Span (white) also dives - towards the price line (see extreme left).

Wrap:   

Chikou Span dives, Index is dives. Last week's candle stops exactly at the Kijun Sen. 



Looking Forward into this Week:

Bulls would want to get above the Tenkan Sen(blue) before the Chikou Span hits the Price line.
Bears want to see Index retest the bottom and to start with look to get to the Kumo (cloud).
With the range break to Support, Bulls look to get back lost ground.

Wrap: 

Bulls look to use the current support to get back above the 61.8% Fibonacci retrace
Bears want to see the Index get below the marked supports and hit the Kumo.