Renewal Fuels, Inc (RNWF)

[aristotelisonassis]

Renewal Fuels, Inc (RNWF)
HISTORY REPEATS ITSELF !

Yesterday we had a nice hanging man formation in the chart.

Look back to the week in April, 12 - 16.

Same pattern.


The Hanging Man is a bearish reversal pattern that can also mark a top or resistance level.

Forming after an advance, a Hanging Man signals that selling pressure is starting to increase. The low of the long lower shadow confirms that sellers pushed prices lower during the session. Even though the bulls regained their footing and drove prices higher by the finish, the appearance of selling pressure raises the yellow flag.

As with the Hammer, a Hanging Man requires bearish confirmation before action.

Such confirmation can come as a gap down or long black candlestick on heavy volume.

http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:introduction_to_candlesticks

so, maybe we get a view down days, but then...

...i smell something burning !

up to the sky...