Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Paul Shread who wrote (6366)	1/12/2002 12:07:28 PM
From: big guy	of 36161

"Not quite sure what you're seeing " I'm no candle expert Paul so take this for what its worth. stockcharts.com[w,a]daclyyay[da][pb50!b200][vc60][iUb14!La12,26,9] Looking at Harmony's daily chart after Wednesday big white candle we got a doji on Thursday. As Nison puts it a doji after a long white candle especially after a prolonged uptrend is often a forewarning that the top is near. Friday's candle was a hanging man which again as Nison states is a sign of vulnerability. The highs of both Thursday's and Friday's candle formed what is called a tweezer top which is a minor reversal pattern. stockcharts.com[w,a]waclyyay[dc][pb50!b200][vc60][iUb14!La12,26,9] Looking at Harmony's weekly chart this weeks candle was also a hanging man. Also this weeks close and the close of four weeks ago form a tweezer top. For any of these patterns to become valid we need bearish confirmation. A black candle on Monday would do it as far as the daily goes especially if we gap down on the open. Same goes for weekly confirmation except of course using next week candle. So nothing super bearish Paul unless we get confirmation but there are warning sign to be aware of. I sold my trading portion of PM's Friday but still hold a core position. If we sell off I'll be looking to reload. Take care Scott

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