Well, this is pretty much what we all (at least, I did) expected after seeing Friday's close; it's the confirmation of a reversal for NBG. Although, we did post higher highs in RSI indi. to go with the higher highs on the chart so, expect NBG to just take a breather from all that climbing, and go back down. How far down? Well, there are a few up-gaps / Rising Windows here in the rally that may offer some support. Also, in late Oct. '12, the Falling Window will be resistance for when NBG starts to go back up, and at the same time, that gap must be filled! So, I also believe we have a target of 3.09. Looking at the intra-day for today, I see a lot of green Hammers, " hammering out a bottom " for its support but, nothing is guaranteed. However, I don't think NBG is done. No, no no. It still has room to grow, and it's still above the cloud, without any convergence of the Conversion Line and Base Line (Conversion still above Base Line today), Lead A above Lead B, and the Macdee's base is still positive along with more momentum now than its had all year. But, hey, this is my analysis, nothing is guaranteed in this market.... except: stocks go up, and they come back down :)
Comments
QuantitativeExhaustion
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This was one of those stock moves of the decade. Bearish Reversal Evening Star or simple doji before a breakout?
Evening Star -- very unreliable according to Bulkowski, engulfing being the most reliable
Actually the Engulfing candlestick is only reliable if the candle is at a support or resistance line (fibonacci or trend line). So candlesticks are less important than credited. Patterns and Fibonacci signals are more reliable.
Evening Star -- very unreliable according to Bulkowski, engulfing being the most reliable
Actually the Engulfing candlestick is only reliable if the candle is at a support or resistance line (fibonacci or trend line). So candlesticks are less important than credited. Patterns and Fibonacci signals are more reliable.