Comment: Tuesday's close below Wednesday's Pivot Point of .1353 indicates negative bias as volume declined sharply.
The last two daily candlesticks have formed a Bearish Engulfing Pattern . This is a bearish reversal pattern that marks a potential change in trend. Its reliability is not very high and requires confirmation.
The last three candlesticks formed a Bearish Evening Star Pattern . This is a bearish reversal pattern that also marks a possible change in trend. Though it is highly reliable, confirmation is still recommended.
Confirmation is typically any consistent price movement that breaks below Wednesday's opening price. The Breakaway Gap at .1100 remains unfilled and could represent an overseas brokerage shorting target. More importantly, the manipulation of the Bid/Ask observed over the past three days is of concern. Today the Ask price move from .139 to .130 in the last 30 seconds of trading, followed by a trade at .130 and an immediate change in the Ask to .133 within 3 seconds of the close strongly implies MM games are afoot. Had that not occurred an entirely different trading picture would have been painted at the close. Use your good trading judgement.
Disclosure: Any chart technical analysis provided is my personal technical assessment of the indicated stock and should not form the sole basis of any buy or sell decision making by any reader. Any decision to buy or sell any stock should be made only after careful due diligence on the part of the investor, and not be based upon any third party information or investigative data.
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