Wednesday, November 22, 2006 9:24:48 AM
Then! The buyers, or 'smart money' came in and thought otherwise. They were willing to buy the stock when they other wise just could have easily let it fall further getting at a cheaper price.
Then the next day, it gapped up. It's not the perfect island bottom. The 'perfect' island is one with both very clear down and up gaps with no gap fills like we have. You'll notice that the 'shadows' of both candlesticks tought the high of that day's candle. But it's still an island. And that confirms our bullish situation here.
Look at this chart of AKAM and you'll see a perfect island bottom and the subsiquent move. AKAM was downgraded with a $37 price target the night before that gap. But someone had other ideas....
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