Bullish Harami on ROCK

ROCK has been in a downtrend for few weeks now but it seems we might see a bounce as Bullish Harami appeared today on our chart. Bullish Harami is a bullish reversal pattern that can be found at the bottom of the downtrend. This suggests that while bears dominate the stock, bulls are slowly countering them. Thus we saw a small green candlestick engulfed by the previous large red candlestick.

Ichimoku system does not show any bullish sign yet so take extra careful if you want to get some shares. Maybe a test buy will not hurt much if the reversal pattern will fail. If it will rally, wait for some Ichimoku elements to turn green to add more shares.

RSI or Relative Strength Index is at oversold level and is pointing up.

Caveat!

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