FREE Weekly Chart: FREE formed Bullish Piercing Li
Post# of 776
Posted On: 07/13/2014 1:50:13 AM
FREE Weekly Chart: FREE formed Bullish Piercing Lines Reversal Pattern 2 weeks ago -
http://www.candlesticker.com/Pattern.aspx?lan...ttern=2105
BULLISH PIERCING LINE
Definition
This is a bottom reversal pattern with two candlesticks. A black candlestick appears on the first day while a downtrend is in progress. The second day opens at a new low, with a gap down and closes more than halfway into the prior black body, leading to the formation of a strong white candlestick.
Last week a red candle formed, but not a large one, so the Bullish piercing line pattern has one more week for confirmation...........
Buy/Stop Loss Levels
The confirmation level is defined as the last close. Prices should cross above this level for confirmation.
A close above the closing price 2 weeks ago will confirm the pattern..........the 1st resistance level on this chart is the 7 DMA @ 0.81........the 2nd is the 10 DMA @ 0.91.......as this chart shows FREE has a history of retracing back to the 7 & 10 day moving averages after large pullbacks......this chart shows the retrace is clearly in progress...........
remember this is a weekly chart.......next weeks candle will not set until the closing bell next Friday.............
FREE on Bullish Reversal Confirmation Radar..............$$$
http://stockcharts.com/h-sc/ui?s=FREE&p=W...9538382630
http://www.candlesticker.com/Pattern.aspx?lan...ttern=2105
BULLISH PIERCING LINE
Definition
This is a bottom reversal pattern with two candlesticks. A black candlestick appears on the first day while a downtrend is in progress. The second day opens at a new low, with a gap down and closes more than halfway into the prior black body, leading to the formation of a strong white candlestick.
Last week a red candle formed, but not a large one, so the Bullish piercing line pattern has one more week for confirmation...........
Buy/Stop Loss Levels
The confirmation level is defined as the last close. Prices should cross above this level for confirmation.
A close above the closing price 2 weeks ago will confirm the pattern..........the 1st resistance level on this chart is the 7 DMA @ 0.81........the 2nd is the 10 DMA @ 0.91.......as this chart shows FREE has a history of retracing back to the 7 & 10 day moving averages after large pullbacks......this chart shows the retrace is clearly in progress...........
remember this is a weekly chart.......next weeks candle will not set until the closing bell next Friday.............
FREE on Bullish Reversal Confirmation Radar..............$$$
http://stockcharts.com/h-sc/ui?s=FREE&p=W...9538382630
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