Saturday, May 13, 2017

Brent Crude Oil - Ichimoku Weekly Study - Kumo Bounce - Week 3 of May 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 bounces from Kijun Sen (Monthly) and Kumo support (Center).
Senoku Span A&B head for a Meeting (extreme Right)
Chikou Span (white) stays above the price line (extreme left).

Index bounces from the Kumo & Kijun Sen (Monthly) to the Kijun Sen (Weekly).

Looking Forward into this Week:

Chikou Span can slide down, above the Price line for some more.
Bearish cross/Bullish deflection of the a) Kijun Sen (red) & Tenkan Sen (blue), b) Senoku Span A&B, is on.
Index now on Lower High, Lower Low mode and where it goes from here becomes critical for Bulls.

Bulls after bouncing at the Kumo, look for a Higher High.
Bears seek to press their advantage and keep the 'Lower Low - Lower  High', going with the invasion of the Kumo.