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StemCells Inc. Message Board

  • dejlaw dejlaw Mar 22, 2013 6:23 PM Flag

    Bulish Engulfing Candle

    Nice move to shake out the weak hands to the downside and finish at the high. For those who have studied candlesticks it is called a bullish engulfing candle aka an outside up day. If you watched the tape, you would have seen most of the action on the buy side. The only negative was the volume but it put us back above the 50 day moving average and hopefully completed the retest of 1.70 from the beginning of the month. We closed right at the 20 day ema which was resistance in early February, then support in early March. We've had seven closes below it this month and nine closes above. If we gap up Monday it will bring the strong short sellers out of the woodwork and send the weak shorts scrambling to cover. That bullish engulfing day should put the stock on the radar of technical traders who along with me will be buying on the dips.

    It will be fun to watch.

    Sentiment: Buy

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