Small bullish engulfing candle pattern in the oversold area is a clue that the selling as stopped, ast least for now. Early buyers are stepping back into the stock. Possible 5 waves down. IF we have 5 waves down, THEN look for retracement pattern back to the .618 fib level.
Bearish engulfing candle pattern was a clue that the last of the sellers may have sold. 3 dojis and a hammer indicated that buyers have stepped back in.
The upmove began with a kicker signal. Price now above the LIS and it is currently holding as support. The end of the week saw some early profit taking into the 89sma above.
Saturday, December 02, 2006
Loblaw (L-tc) Update 12.02.2006
Posted by TraderZ at 12/02/2006 07:36:00 PM
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