Sunday, August 15, 2010

Swing trade followup, Genting's candlestick commentary

Yangzijiang, up 3.5% on friday. If you have followed my call on my previous post on a short term swing trading (3-5days), it is almost time to take profit. Do keep close monitoring to protect your profit, resistance will be the previous high $1.57.

Genting Sp, share rocketed to record high on Friday with high volume after the announcement of the better than expected result on Thursday.
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.

A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend.