Hi Folks
Hope you're all enjoying your weekend and I just want to say a big thanks to those who moved their non related chart discussions off this thread. This will help to keep the chart thread tidy and save all of us time having to scroll through the post to find charts and chart discussions, much appreciated.
Looking at the Daily ichi chart over the past week we can see the SP spent most of the week testing the 0.015 support at the bottom of the kumo. The SP finished the week consolidating inside the kumo (cloud) being neutral territory this means the SP is no longer in an uptrend. The SP needs to hold 0.015 - if it drops below this it will be in bearish territory and in a down trend.
Overall this week while the SP pulled back on lower volume and now consolidating in the kumo we still have a bullish kumo on the daily chart and no future bearish kumo twist.
In terms of ichi ST ichi indicators going forward we need:
- the chikou span to rise above price
- the tenkan sen to rise above the kujin sen
- the SP to rise above the tenkan sen and kujin sen
- the SP to BO above the kumo
View attachment 683427
Looking at the weekly chart we can see how the SP is hovering around the bottom of the kumo with a lower high. However the SP still sits within the overall potential pattern. It's important to remember that the pullback is on
lower volume so we're not seeing any dumping of the stock.
Like most stocks unless news is regular then the SP tends to drift however personally I think the SP held up well this week considering the
macro events affecting most markets atm - more patience required GLTAH.
View attachment 683433
Cheers
SL
