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  • hedgehog25 hedgehog25 Dec 6, 2012 6:54 PM Flag

    Bearish engulfment - pullback starting!

    Hmmm, looks like the yahoo boards ate my repost too, which said: "Actually, I need to amend that. If it goes back to ~27 or a hair below and stabilizes there, it could still be a pennant with a flat bottom. So, a surge above 27.80 from here would confirm a bullish pennant, but it would take a close below 26.80 to confirm the bearish engulfment."

    So, nice ambiguous close - nothing confirmed yet. It could still be a pennant. Tomorrow morning is the moment of truth. If it rises above 27.30 (where the upper boundary of the pennant will be in the morning), the uptrend will resume. If it drops 20 cents from today's close, it's heading back to test support at ~24.

 
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