No piercing line, NICE reversal pattern :o)
That looks to be program trading that occurred from 12PM to 1PM. The bottom was reached at 12:30, with an upward price trend from that point forward. If you slice the day in half there at the bottom, more volume occurred in the latter half on the way up, than did in the first part of the day.
I think this supports the idea that a bottom has been reached, with plenty of buying pressure to follow. This is TOO good of a deal to pass up, the institutions know this, and so do savvy investors.
Weak sellers may violate the rules of smart investing by selling at the bottom, leading to some potential last minute declines, but tired old sellers should understand the current has changed, and is no longer flowing in their favor.
Regards, JB |
