Brent H1: The Ichimoku Forecast for the American Session on 8.11.2024
08.11.2024 15:46
Technical
During previous trading sessions, the intersection of the Tenkan and Kijun lines, marked with a pink square, was observed on the Brent chart. This signal indicates a potential change in the downward trend.
The second important signal is a change in the direction of movement of the Kumo cloud. This change is marked with a vertical purple line on the chart. The appearance of orange color in the cloud indicates a change in the main direction of movement to upward.
The current situation:
Let's carefully look at the current values of the main components of the Ichimoku indicator to assess the current state of the market:
The Tenkan and the Kijun lines are positioned above the current price. It indicates a negative market sentiment in the moment.
The dynamics of price movement over a longer distance is determined by the Kumo cloud, which is now colored orange. Thus, this signal prioritizes the upward vector of price movement in the future.
In the current market profile, the price has fixed below the Kumo cloud. The boundaries of the cloud form a dynamic resistance zone for the price.
The Chinkou line, which displays the closing price with a lag of 26 periods, is above the current price.
Trading recommendations:
Dynamic resistance levels are on the Tenkan line, in the area of the 74.69, the Kijun line, near the 74.92, the SenkouA line, at the level of 74.79, and the SenkouB line, around 74.63.
The second important signal is a change in the direction of movement of the Kumo cloud. This change is marked with a vertical purple line on the chart. The appearance of orange color in the cloud indicates a change in the main direction of movement to upward.
The current situation:
Let's carefully look at the current values of the main components of the Ichimoku indicator to assess the current state of the market:
The Tenkan and the Kijun lines are positioned above the current price. It indicates a negative market sentiment in the moment.
The dynamics of price movement over a longer distance is determined by the Kumo cloud, which is now colored orange. Thus, this signal prioritizes the upward vector of price movement in the future.
In the current market profile, the price has fixed below the Kumo cloud. The boundaries of the cloud form a dynamic resistance zone for the price.
The Chinkou line, which displays the closing price with a lag of 26 periods, is above the current price.
Trading recommendations:
Dynamic resistance levels are on the Tenkan line, in the area of the 74.69, the Kijun line, near the 74.92, the SenkouA line, at the level of 74.79, and the SenkouB line, around 74.63.