ETEK Chart: The last two candles have formed Bulli
Post# of 777
Posted On: 06/28/2014 4:47:17 PM
ETEK Chart: The last two candles have formed Bullish Harami Cross reversal pattern……..the chart below shows ETEK has formed Doji's 3 times in the last two weeks…….the first two Doji's gave false reversal signals………the key for Friday's pattern will be a green candle and higher close than Friday's close……that would confirm the pattern……….
One reason why the current pattern may be different from the previous two is the location of the Doji……….on Friday ETEK formed a Doji right at the 200 DMA @ 0.0044 support……..it is not a coincidence that ETEK closed at 0.0045 on Friday…….the 200 day moving average is a Major Support level…….some would argue that it's the grand daddy of them all……..that being said there are very good odds IMO that ETEK bounces next week……….
Take a look at the 2nd chart……….the 100 DMA @ 0.0041 is another Major support level…….the lower wick on Friday's candle hit MA(100) support and ETEK bounced……..Fast Sto & Slow Sto are @ Oversold levels……..RSI is currently in the 30's and is close to the below 30 oversold level……..
Another Indicator signaling a possible bounce are the Bollinger Bands……….Friday's Doji formed mainly below the Lower BB w/ the horizontal line even w/ the Lower BB @ 0.0045……….the wick on Friday's candle is completely below the lower BB……this signals that the current downtrend is unsustainable…………….Also, Accum/Dist & CMF have been rising while the share price has been declining……..the lower wicks on the candles show the loading……….rising volume Indicators and declining share price is another signal bounce players look for when charting……..
http://www.cmsfx.com/en/forex-education/techn...oney-flow/
The Chaikin Money Flow (CMF) indicator was developed by Marc Chaikin to create an oscillating indicator for his earlier, cumulative indicator Accumulation/Distribution. Both indicators measure the degree to which money is flowing into or out of a security or currency. Chaikin created these indicators to expand and improve on an earlier volume indicator, On Balance Volume.
On Balance Volume (OBV) compares a currency pair's closing price with its previous day's close and either adds or subtracts the volume to a cumulative total, if the pair is up or down respectively. Accumulation/Distribution (A/D) altered the parameters of OBV by using the mean price, the midpoint between the periods high and low, to decide whether volume for that period was being accumulated (bought) or distributed (sold). After categorizing the period either as accumulation or distribution A/D then adds or subtracts volume based on the degree to which the pair closed above or below its open. The main difference between Chaikin’s two volume indicators is that Accumulation/Distribution is a cumulative running total while Chaikin Money Flow oscillates around a zero line
MA's(7 & 10) @ 0.0052 & 0.0055 are the 1st levels to break…….when ETEK forms candles above the Middle Bollinger Band / MA(20) @ 0.0060 a new Up trend can begin………..
ETEK on Bullish Reversal Confirmation Radar……………..$$$
http://stockcharts.com/h-sc/ui?s=ETEK&p=D...7336114432
http://stockcharts.com/h-sc/ui?s=ETEK&p=D...0313948788
One reason why the current pattern may be different from the previous two is the location of the Doji……….on Friday ETEK formed a Doji right at the 200 DMA @ 0.0044 support……..it is not a coincidence that ETEK closed at 0.0045 on Friday…….the 200 day moving average is a Major Support level…….some would argue that it's the grand daddy of them all……..that being said there are very good odds IMO that ETEK bounces next week……….
Take a look at the 2nd chart……….the 100 DMA @ 0.0041 is another Major support level…….the lower wick on Friday's candle hit MA(100) support and ETEK bounced……..Fast Sto & Slow Sto are @ Oversold levels……..RSI is currently in the 30's and is close to the below 30 oversold level……..
Another Indicator signaling a possible bounce are the Bollinger Bands……….Friday's Doji formed mainly below the Lower BB w/ the horizontal line even w/ the Lower BB @ 0.0045……….the wick on Friday's candle is completely below the lower BB……this signals that the current downtrend is unsustainable…………….Also, Accum/Dist & CMF have been rising while the share price has been declining……..the lower wicks on the candles show the loading……….rising volume Indicators and declining share price is another signal bounce players look for when charting……..
http://www.cmsfx.com/en/forex-education/techn...oney-flow/
The Chaikin Money Flow (CMF) indicator was developed by Marc Chaikin to create an oscillating indicator for his earlier, cumulative indicator Accumulation/Distribution. Both indicators measure the degree to which money is flowing into or out of a security or currency. Chaikin created these indicators to expand and improve on an earlier volume indicator, On Balance Volume.
On Balance Volume (OBV) compares a currency pair's closing price with its previous day's close and either adds or subtracts the volume to a cumulative total, if the pair is up or down respectively. Accumulation/Distribution (A/D) altered the parameters of OBV by using the mean price, the midpoint between the periods high and low, to decide whether volume for that period was being accumulated (bought) or distributed (sold). After categorizing the period either as accumulation or distribution A/D then adds or subtracts volume based on the degree to which the pair closed above or below its open. The main difference between Chaikin’s two volume indicators is that Accumulation/Distribution is a cumulative running total while Chaikin Money Flow oscillates around a zero line
MA's(7 & 10) @ 0.0052 & 0.0055 are the 1st levels to break…….when ETEK forms candles above the Middle Bollinger Band / MA(20) @ 0.0060 a new Up trend can begin………..
ETEK on Bullish Reversal Confirmation Radar……………..$$$
http://stockcharts.com/h-sc/ui?s=ETEK&p=D...7336114432
http://stockcharts.com/h-sc/ui?s=ETEK&p=D...0313948788
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