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TraderRick47

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TraderRick47

Re: wangdo post# 754

Monday, 04/07/2008 8:34:01 PM

Monday, April 07, 2008 8:34:01 PM

Post# of 3616
My chart looks like an Umbrella at the end of the day

Umbrella indicates that sellers mostly dominated trading during the day and they were able to drive the prices lower during the day. However; buyers resurfaced at the end of the day and they successfully pushed prices back to the opening level and to the day high.

Important Factors:

Umbrella has the potential to signal a bullish reversal at the bottom if it appears after a long downtrend, long black candlestick or if it is seen at a visible support level. Likewise; umbrella may signal a bearish reversal at the top if it appears after a long uptrend, a long white candlestick or if it is seen at a visible resistance level. Bearish or bullish confirmation is required in both situations.

Please do not make investment or trading decisions based on what you read from a stock board. Do your due diligence before buying any stock especially a penny stock. The stock market is where money is transferred from the impatient to the patient

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