CalGary, Mark, Wolf, others,
I look forward to comment from you guys on the candlestick formation we put in today. Wolf, you mentioned, on SH, that the doji we saw today was the completion of a not so positive pattern. While technically you may be right, I saw the price action as the unfolding of the following events:
1) Bullish close on Friday carried through to gap open
2) Gap was too high and too fast, and was quickly sold in to. Needed to see if the overbought indicators were correct.
3) Sell momentum took it through Friday's close
4) Support at the top of Friday's gap was tested successfully and the price rallied back.
5) Bulk of subsequent trading above Friday's close at $7.90-$8.00
6) Continued bullishness toward day end carrying momentum through to the close, and after hours (16,000 A.H.)
7) We shook off 1/2 million shares of selling pressure below the open price, which should bode well for another gap up tomorrow.
Would love comments, on what logic tells me is a positive price action.
Joe |
