Looking at WTI with Ichimoku
1. Weekly Chart - the sentiment is bullish overall , with the weekly close above Kumo , the Tenken Sen and at the Kijun Sen. The Kijun Sen is the 6mthly equilibrium point for price. It has been tested on 4 occasions since the 7th March 2022. If price continues to consolidate , then the 98 level may be retested.
2. Daily Chart - the sentiment is flat , as price has entered the Kumo (broken SSB), and the Chikou Span is touching price. The medium term sentiment will become Bearish if the SSA can be broken on the daily chart.
4. Intraday Chart - the senitment is bearish , as price has broken below , retested and again fallen below the Kumo . There is TK Dead Cross within the Kumo on 16 June 2022 ( with both lines now below Kumo) .The Chikou Span is below and well away from current price action.
The Kumo Analysis would suggest a short term retracement of price , with no signs of a major reversal.
To be short , price at 117 level would be of interest (SSA) .
Price action on an intraday basis would be expected as "spikey" , with the daily price entering the Kumo.
Watch for the Kumo break of both the Price and ( greater confirmation) Chikou on the daily charts.
1. Weekly Chart - the sentiment is bullish overall , with the weekly close above Kumo , the Tenken Sen and at the Kijun Sen. The Kijun Sen is the 6mthly equilibrium point for price. It has been tested on 4 occasions since the 7th March 2022. If price continues to consolidate , then the 98 level may be retested.
2. Daily Chart - the sentiment is flat , as price has entered the Kumo (broken SSB), and the Chikou Span is touching price. The medium term sentiment will become Bearish if the SSA can be broken on the daily chart.
4. Intraday Chart - the senitment is bearish , as price has broken below , retested and again fallen below the Kumo . There is TK Dead Cross within the Kumo on 16 June 2022 ( with both lines now below Kumo) .The Chikou Span is below and well away from current price action.
The Kumo Analysis would suggest a short term retracement of price , with no signs of a major reversal.
To be short , price at 117 level would be of interest (SSA) .
Price action on an intraday basis would be expected as "spikey" , with the daily price entering the Kumo.
Watch for the Kumo break of both the Price and ( greater confirmation) Chikou on the daily charts.