Monday, September 6, 2010

Noble grp - follow up

Noble grp, up 7cents today 4.27%, if you have follow my previous post you should have not got into short position because the swing setup did not trigger (price did not go lower than previous day low). Today there is strong buying strength, so strong that it breaks the down trend resistance line and also if you are watching the time and sales on your platform you will see alot of 2000-3000 lots trade going on (big boys are trading). Lastly, on my CSI system, the "sum of ROC" (candlestick change color to blue) also signal a trend reversal. Can consider buy for Mid-long term.

Candlestick commentary on Metastock:
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are "low," it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
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