Trend Watch

Thursday, February 14, 2008

Yangzijiang Mid-day Doji Candlestick Formation


Doji candlestick formation indicating bulls and bears are locked in stalemate situation. Market indecision at crucial position because price needs to make a higher peak above previous sub-peak at $1.35 to create a better technical footing for possible change in minor trend from down bias to a more positive outlook. Clearing the 20 days EMA resistance will trigger a challenge to take out $1.47 to $1.55 resistance zone. Forming a sub-peak that is lower than $1.35 shows weakness in current mini price rally and price pullback may eventually break $1.20 to $1.16 support zone.

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