Trader's Logbook

We have seen the rally of this stock until we saw the Bearish Shooting Star Pattern last August 6 CMT chart. Is it now bound to go north? Notice that the price movement last Friday dipped beyond the 23.6% Fibonacci Retracement level but was able to gain momentum at the closing thus staying afloat that level.

Notice also that the previous high last 12/08/10 which becomes our support is near 23.6% thus making this level a strong support. If this level will not be breached (downward) within the next two days then maybe we will see this stock rise above the immediate high of 2.60

Candlesticks also tell us that the bulls are about to take charge. Will bears allow it?

Caveat!