Hi all,
Today will be interesting to see if there is confirmation and basically from my point of view, any green candle will do. In some stocks, shorters may move to cover shorts which may just be in response to a pattern. This can exacerbate the move but MJP is lightly traded and is not going to fit that bill.
Bear with me here on the hocus pocus:
The three day pattern looks spot on for a bullish harami (see link)
http://tradermentality.blogspot.com.au/2015/07/charts-101-bullish-harami.html
Basically, the hocus pocus just indicates changed sentiment. Two down days with downward pressure for almost the entire trading session but the 'harami' really indicates an apparent drying up of that immediate pressure with prices moving up to close the day within the range of the previous day's range. This would indicate slowing momentum and then reversing momentum during the session. As I said before, in lieu of any big holders selling (which I doubt extremely), it should be onward and upward from here IMO...
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Hocus Pocus: looking for confirmation
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