Did ALI hit the bottom today? Ichimoku still bearish

ALI is showing a bullish reversal pattern today via a Doji (or Hammer but very little body). This low reliability reversal pattern suggests that the power of the bears are diminishing. While bears are dominant for the past few trading days, today the price closing near the opening price which shows that the bulls and the bears are in equilibrium. Since this has a low reliability, we need a confirmation by way of a gap up or a large green candlestick tomorrow. Absence of such confirmation may result to a more deeper drop. Remember that all Ichimoku elements at this point are still showing bearish sentiment. A test buy may not hurt that much. Just carefully monitor this stock for the confirmation I said earlier.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

2 Responses to Did ALI hit the bottom today? Ichimoku still bearish

  1. Suzette Fernandez says:

    Thanks!

  2. […] continue to go up after we saw the Doji candlestick last Nov 25 with confirmation the next day. That time we don’t have any bullish signal from […]

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