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Strategies & Market Trends : Candlestick Charting--The unknown indicator -- Ignore unavailable to you. Want to Upgrade?

To: The Perfect Hedge who wrote (1095)	1/16/1998 7:34:00 PM
From: Esteban	Respond to of 1589

Hi Glen, Today's session saw a white marubozu so I guess that means a bullish reversal from yesterday's candle ,right? I'd say yesterday's candle was just plain wrong, as it was for the major indices as well. Surprised by Asia, I gues. Today's strong candle for EVI could be wrong as well. Note the declining volume, and that pesky window. On the positive side, the downtrend line is pretty well broken, and if it breaks all the way through the window, it could then act as support instead of resistance. Personally I'd be surprised if there's not another pullback to near or below the last low on 1/12. Just not enough basing here. There's always such a wide variation of things that can happen. My first impression of the yesterday's candlestick was that there was not enough of a trend to reverse for it to carry much weight. After studying the chart a bit I thought the probabilities favored reversal because of the resistance. I really think it's just a probability thing. If we play the odds, in the end we should come out ahead. Esteban