Tuesday, April 29, 2008

China Hongx Potential Three Black Crows Candlestick Charting Pattern


After the hanging man confirmation with a down bar candlestick another down bar appeared today. If there is another down bar tomorrow a three black crows candlestick charting pattern will be formed. Price has closed below the red bold neckline support and now rest at the lower uptrend support line of the giant raising wedge formation. Next support are the overlapping 20 days and 50 days EMA support lines. If these support lines does not hold a test of 57 cents to 58 cents support band is expected. Conversely, if the unexpected happens a rebound from the lower uptrend support of the huge raising wedge will retest the 200 days EMA resistance line.

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