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Tuesday, January 18, 2011

WIll ann joo rebound?

Another sector in Steel Counter where Masteel the leader have fallen a lot today. Will this knight prevail and fight back and rebound?

1) Trend line - Above uptrend line - If break below 3.02 take profit
2) HH - Retrace and still far away 2.8 lower high. If cut below 2.8 cut loss
3) MACD- Showing bearish 4reds and if tomorrow if close positve it will show 4R1G which might be a positive to accumulate and buy up
4) RSI - Overbought and hovering above 70% which correlate with the MACD. If tomorrow get a 4R1G , RSI will show a rebound above 70% to show extra bull run
5) ADX- Volume momentum is strong but bearish

If break 3.02 take some profit until 2.8 for any reversal. If there is a reversal with Candlestick pattern plus a 4R1G tomorrow, accumulate and wait for another round of bull

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