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Saturday, July 9, 2011

BIMB retracing toward support



Will this be a second round of bull run after it was charging before last week?











Observation
1) Trendline - Uptrend( Bullish)
2) Formed higher low- Bullish
3) MACD -4G1R ( bearish) and let wait for 4R1G and a bullish reversal
4) RSI - Above 70% ( Bullish )
5) Sto -  formed bearish crossover and broke  below 80 % (Bearish)
6) ADX - strong momentum and bullish
7) Candle Stick -Harami ( Bullish)
8) Volume Distribution - Buying Pressure is very high  (Bullish)
9) Chart Pattern - Elliot Wave 3.. Bullish

2 Points







       6 Points







Conclusion


Winner BULL
With harami let confirm with another white candle and break the resistance at 2.39

Entry Price 2.41
Take Profit  at 2.48 and 2.62
Support at 2.31

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