OIL: H4, Ichimoku technical analysis
As sketched on the graph, tenkan, kijun and senkou boxes mutually overlay meaning a possible strong resistance. Moreover, tenkan hit highest since beginning of the month. The next session will be important to determine what will happen next with prices from a technical view.
The ellipses are here just to warn on important facts. Indeed they allows in a 2nde time, to be sure that your strategy is right. In order to validate the bull strategy, tenkan and chikou must break senkou span B.
- if the prices increase and break the boxes by an important candle, then they will rise up to the target, the first red line, then the second when all indicators break senkou span B. However, after such a burst, prices will probably wait for the tenkan to join and support them to go higher.
- If the prices shyly break the boxes top limit, then it will be important to wait for the second candle closure in order to decide what to do.
- If the prices go down for consolidation, then they will probably test the cloud and mostly go even below. chikou would go to test prices, and tenkan would exit the kumo.
The ellipses are here just to warn on important facts. Indeed they allows in a 2nde time, to be sure that your strategy is right. In order to validate the bull strategy, tenkan and chikou must break senkou span B.
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