Hammer - IO Reversal ?, page-21

Interesting day.

red gravestone doji with 2c body 8c wick and no tail, ending on daily lows but again engulfing the prior red bar of wed thursday.
The engulfing hammer candle on friday showed buying of the lows
Today the shorters smashed the daily highs and made profits 478 to 468.
But then it bounced off the lows in arvo and went balk to lows at close.

Its still trading above the 4.65 support and these last 4 days candle patterns shows stronger support than I thought for FMG at the 4.65 support that I called back when it was $7 in Feb.

Today the spike was soldoff but didnt breakdown below the green hammer or small red bars last week.
The support line 4.65 looks solid. Several bounce offs this line and the chart looks like the cliff face is broken and a new sideways jagged pattern of support has developed.

And moving closer to divvy silly season Dec/Jan, the large Instos will likely be buying in before the divvy cut off just like the last few years so their will be the usual spike up for the divvy collection crew.

The red line in the sand has been drawn looks like at 4.65.