TA discussion, page-4646

A bit disappointing yesterday after a good lead on Friday - the 52 cent double bottom formed by the bearish candlestick on Thursday and the bullish one on Friday is a well known pattern called a 'Tweezer Bottom' and is considered a bullish reversal pattern with a fairly high success rate, better then 50%.

It worked for a while with a gap up to a very bullish candle formation yesterday until it seems likely that someone decided around lunchtime that it was too bullish and the you know the rest. It could have been some day trader profit taking too on the upward move but the bots did a lot of the damage with small parcel algo selling around midday which squelched much of the bullish sentiment, dried up demand and kicked in new supply.

I don't think the bullish move is dead, if more buyers come out to play early today it should settle down but it might take some work to mop up supply sitting below 58 cents first. I have highlighted the Tweezer Bottom.I have left both MACD indicators on the chart. The weekly did get to green until the middle of the day and maybe it will get another shot today.  

Daily COB April 4th