I am not a financial adviser so you should not take any part of this blog as being financial advice. Observing and interpreting charts is a hobby and so is this blog. The information in this blog is just my opinion, it may not reflect reality. Stock market investing is risky - you can lose all, or potentially more than all of your money given certain market conditions. Not only can you lose a lot of money buying shares, you can also lose a lot of potential profits by selling shares at the wrong time. So please do not buy or sell shares because of information in this blog. Whether you buy or sell shares is your decision as is the decision when to buy and sell. Do not risk any money you cannot afford to lose. Do not risk any money if you do not fully know and understand what you are doing.

Thursday, May 26, 2011

Reversal pattern forms on All Ords

The market formed a neat reversal pattern today - a variation of the candlestick Piercing Line pattern. What is particularly attractive about the pattern is that today's close exceeded the highs of the past 2 days - and pushed above the pivot low formed on 16 May. A close tomorrow above today's high would confirm we have some kind of bottom in place. A danger sign would be the market falling below today's low. Taking out yesterday's low would be downright bearish. Let's see if we can build some sort of rally from here.
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