CRR ... Possible, and I mean "possible", important Weekly Candlestick Bottoming Pattern ... A three-period bullish Morning Doji Star reversal pattern. These are usually pretty reliable. HOWEVER, the concern is that this week's upside is only a "back-test" of the previous long time Support, now Resistance zone(R1 ... 3.5c to 3.8c). Next few weeks should reveal whether its just that or the "possibility" mentioned.
A DAILY Chart shows that, yesterday, we broke out of a 4 month long Downtrend Channel together with a +Ve crossover on the 5 & 12 ema's (our 1st time for months)... Also, today's action saw the usual 50% retrace of yesterday dominant breakout candle, higher close and a +Ve crossover on the slow MACD ; so more S/T +Ve TA signals. However, always another "however" with CRR right, today's VWAP was only 3.2c and the close, at 3.4c, was just on a trade of 1500 and was 0.3c above the last trades before the EOD auction period(3.1c). So, could be a strong argument for a meaningless (or intentional) candle to just get we TA'ers "excited" for next week. A need to get value above the 3.8c level is the required minimum for me to get 'excited', albeit mildly.
So, my sentiment remains at "None" atm but back on close watch.
CRR Price at posting:
3.4¢ Sentiment: None Disclosure: Held
. A need to get value above the 3.8c level is the required minimum for me to get 'excited', albeit mildly.
