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Tuesday, February 22, 2011

WCT Forming a hammer - Bullish Reversal

Has WCT stop the downtrend and hit the support line? Many of the project in Middle East have been impacted due to the Middle East Crisis... will this impact WCT to drop further?

1) Trend line - Downtrend - Bearish
2) HH - Formed Lower Low - Bearish
3) MACD - All reds histogram and red signal above blue signal ( Bearish) and let wait for a rebound with 4R1G signal
4) RSI - Retrace all the way to 31% ( Bearish) and this is the crucial point whether it can rebound with the impact of the Hammer Candlestick
5) Candlestick - Form a nice candlestick today ( Potential Bullish Reversal)
6) ADX - Weak momentum and Bearish

This counter is still downtrend and we might able to get some profit from the rebound..

Counter Trend strategy
Entry Price - 3.16 ( MACD 4R1G and RSI rebound from 30%)
Stop Loss Price - 3.08
Take Profit - 3.31 (R1) and 3.43(R2)

Remember this counter trend is very risky to gain profit from a downtrend counter.

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