GrowLife Inc (PHOT)

[ospreyeye]

PHOT Chart.....umbrella candlestick pattern formed today.......2 Doji's in a row @ Middle Bollinger Band resistance level.......

Definition: An Umbrella is a type of a doji characterized with no upper shadow but a long lower shadow. The long lower shadow shows the evidence for buying pressure, but the position of low price indicates that plenty of sellers still are around. Umbrella is interpreted as a reversal pattern.

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

This candle formed at Middle BB resistance.......today's candle could be called just a Doji.......& it looks very similar to a Dragon Fly Doji......

Regardless of what type of Doji today's candle is it's important to note that a series of Doji's formed at a resistance level is a signal the stock may be topping out......

Doji explanation: The open and close should be equal in an ideal Doji. However the real life is unfortunately not that simple. A Doji with an equal open and close may be considered more robust but it is also rare in the real life. Hence it is more important to capture and understand the essence of this important candlestick. Doji is a particular signal showing indecision about the direction of the market and it represents a tug of war between buyers and sellers. Doji simply shows that prices has moved above and below the opening price during the day, but then the security closed either exactly at or very near the opening price. The overall result is a standoff. It shows that neither the bulls nor the bears were able to gain control during the day and it is possible that a turning point can develop soon.

PHOT is struggling w/ breaking MA(20) resistance......if PHOT can break through resistance it will head higher......if it is unable to it will pull back,,.....

The chart has now formed a Symmetrical Triangle pattern......this signals that a move is imminent......I would expect either resistance to be broken tomorrow or a possible pullback......

PHOT hung in there today on low vol......today was the lowest Vol. in 4 days.......on 4 green vol. days.......on a pullback low vol. is good, but when you're trying to break through heavy resistance you need strong Vol. to get the job done.......

PHOT on breakout or breakdown radar........$$$