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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Vendit™ who started this subject	8/23/2001 6:51:41 AM
From: Vendit™	Read Replies (1) of 8752

NASDAQ Yesterdays low missed the 1814 support I mentioned Sunday angelfire.com by about 3 points. The candle formed Wednesday is called a Dragonfly Doji, which is moderately bullish. Also note the confirmed slow stochastic buy signal in the chart below. 1814 is considered good support. chart.bigcharts.com Dragonfly Doji and to how to identify it; Small real body at the upper end of the trading range. Lower shadow at least twice as long as the real body. *No (or almost no) upper shadow. litwick.com The shape means there was a sharp sell off after the market opens during a downtrend. However, by the end of the trading day, the market closes at or near its high for the day. This signifies a weakening of the previous bearish sentiment, especially if the real body is white (the close is higher than the open price). Since the certainty for a Hammer indicator is low, the trend reversal can be confirmed by a higher open and an even higher close on the next trading day. If the open and the close are identical, the indicator is considered a Dragonfly Doji. The Dragonfly Doji has a higher reliability associated with it than a Hammer. The only negative I see at this time is the candle is still making contact with the lower band and a lower low yesterday confirms the over-all down trend is technically still in place. A higher open and close today than yesterday’s closing price would confirm a short-term bottom has been formed. All of this information is meaningless unless you intend to trade the rolls. All is JMO.

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