Saturday, December 02, 2006

ALTI Analysis 12.02.2006

Monthly chart shows price stuck in a trading range. Each time the buyers stepped in, they were met with selling. November ended with a hammer type candle pattern right on support of the 34ema and mid-point of a large range candle.

While the monthly chart showed support, the weekly chart shows price to be bumping against resistance.

The week began with a morning star candle pattern, showing that early buyers are showing up. Friday started with a nice gap up and a test of the 200sma but ended with profit taking. Watch carefully early next week to see whether selling continues or not.

No comments: