Published On: Fri, Mar 3rd, 2017

BRENT: Ichimoku clouds

InstaForex

03Mar

Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (55.049). The closest resistance level is Tenkan-sen line (55.749). On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud has reversed from ascending to descending. The instrument is trading around upper border of the cloud. One of the previous minimums of Chikou Span line is expected to be a support level (55.049). The closest resistance level is the lower border of the cloud (55.887).
It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (55.049) and Stop Loss at the level of Kijun-sen line (56.046).

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