If we look at Crude Oil on the daily chart with Ichomoku perspective
1. Kumo - price is below Kumo, telling us Sellers are in control.
2. Span A and Span B - borders of the Kumo are both facing down steeply.
3. Tenkan Sen is below Kijun Sen - telling us the medium term is bearish. Both lines are facing down.
4. Chikou - is both below and well clear of recent price action. This is bearish.
For next week the bias is to search for Short Opportunity's.
The intraday chart shows price consolidating in a Descending Triangle, before a breakdown in the last trading session.
Ideally would like to see a retest of this structure as resistance, before the next wave down.
Projected targets are based of this retest from 65.25 - 67.50
1. Kumo - price is below Kumo, telling us Sellers are in control.
2. Span A and Span B - borders of the Kumo are both facing down steeply.
3. Tenkan Sen is below Kijun Sen - telling us the medium term is bearish. Both lines are facing down.
4. Chikou - is both below and well clear of recent price action. This is bearish.
For next week the bias is to search for Short Opportunity's.
The intraday chart shows price consolidating in a Descending Triangle, before a breakdown in the last trading session.
Ideally would like to see a retest of this structure as resistance, before the next wave down.
Projected targets are based of this retest from 65.25 - 67.50
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