Harami on SECB

We were waiting for SECB to bottom out yesterday (SECB continue to give discounts. Where is the bottom?) after the two consecutive days drop. Today we are see that the bearish power is diminishing as shown on its price movement. Today’s candlestick pattern is what we called a Harami pattern which if seen during the downtrend could mean a possible reversal. Could this be the moment we are waiting for? Since Harami is not a strong reversal signal, we need to see a confirmation by way of a gap up or a large green candlestick. We may also see more smaller candlesticks before it will finally move to where it want to.

Relative Strength Index or RSI is at oversold level. A test buy near today’s close would be a fine.

caveat!

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