Inktomi (INKT) Message Board

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Technology Stocks : Inktomi (INKT)

INKT 10.97

0.0%

Nov 20 3:59 PM EST

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To: KM who wrote (847)	2/16/1999 3:24:00 PM
From: Anaxagoras	Read Replies (2) of 1945

<<what does that mean? I'm not up on candlesticks.>> It means there's a decent chance we've seen the low for the day and the next set of hours. Briefly, candlesticks are good for short term price projection, i.e. 1-10 sessions out. Moreover, they are best used with daily periods, where open/close prices have more meaning given the fact that traders have time to consider things for a while and measure their trading entries and exits against the open/close prices. Be that as it may, candles also sometimes tell you something with shorter periods, and I'll look at them intraday- but don't put too much weight on them given the short time span. A hammer bottom occurs after a good down trend has been established, which you'll see we had intraday- the candle has a small body and a long lower shadow at least twice the body length indicating that that the dip was met with buying pressure. A hammer (named cuz the market is hammering out a bottom)isn't the most reliable of candle patterns and should have confirmation. This particular pattern had other little features to it though that gave it more reliability- for instance the body of the candle occurred at the bottom of a prior long white candle- the bottom area of a long white often is a support zone. It's a theory, anywhooo..... In any case, they ain't gettin' my shares right now. LATE EDIT: Just checked my data feed and it got screwed up- turns out it wasn't a hammer but rather a spinning top with an upper shadow which doesn't indicate much more than indecision. Sorry bout any confusion. :-( Anaxagoras (confidently holding)

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