Hmm ... I am not sure about this one. Certainly the volume pattern on the first three bars is correct. And the second bar is beautiful (NRIB). No major PPs in sight. Now the third bar is not ideal, but is it that bad? The third bar closed green, with a higher upper wick and higher close than the previous bar. Could that bar be the cause of such a reversal? There was some support around the $40 area on the daily chart, but since the first bar passed through it, and the third one did not make it up to $40, I thought that price was going to continue dropping.
4 comments:
The setup itself looks pretty good--5 period MA is a little far away. Since oil gapped down so much I think the path of least resistance was to fill the gap.
The whole market faded from the gap down-reits esp: pld cuz dre ....amazing. All the way oversold groups pumbing up. Shippers and Reits last week what's this week? Stay tuned.
Thanks.
the highs of the DOJI (HOD) coincide w/ .382 X fibbo retrace zone... Old X zone, that uis :) he's changed it up a bit
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