Saturday, December 02, 2006

Loblaw (L-tc) Update 12.02.2006

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.

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