Saturday, September 30, 2006

AMTD Analysis for 09.30.2006

We had a buy signal off the Weekly chart. We have a clear abc pattern down into support. The support was indicated with a hammer and also a bullish engulfing candle pattern at the $13.35ish level. Currently the chart shows resistance at a PRZ: 1) .382 fib level 2) prior support and 3) .618 fib level. This is a good area for "taking some off the table". Since this is an abc pattern, it is a corrective wave, and I would expect new highs to be put in eventually.

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