The Tweezers candle pattern consists of two or more candles with matching highs or lows (Tweezers Top and Tweezers Bottom). The name comes from the appearance of their formation, looking similar to a pair of tweezers - and the can occur in a variety of formats - see the illustration below, however their highs or lows will always be the same.
A tweezers pattern should preferrably have the first candle with a long real body - the colour of this will depend on if it is a rising or falling market. The second candle is where the variation can take place as this could be a Hanging Man, a Shooting star, a Harami Cross or a Dark Cloud Cover for a Tweezers top. Or a Hammer, a Harami Cross or a Piercing Pattern for Tweezers bottom. However the one thing they must have is an equal high point for Tweezers top and an equal low point for Tweezers bottom.
As well as being a reversal pattern, Tweezers top and bottom can also be continutation signal. This happens when - say, in the middle of an uptrend you find a Tweezers bottom occuring. The stock/index will 'rest' and consolidate for a while mid way up the trend and in doing this may form a Tweezers bottom. It is at this point that a signal is given to buy into that stock before it starts to resume its upward trend. In other words the Tweezers bottom has formed an intermediate line of support from which the stock/index will bounce upwards.
With a doji there is no (or a very small) real body as it is formed because the buyers could not exert enough bullish pressure to push the price higher than the open, and the sellers could not exert enough bearish pressure to make the price go lower than the open. In essence the doji represents indecision.
Doji come in several varieties as well, there is the standard doji - metioned here, as well as the Gravestone and the Dragonfly Doji, both of which have their individual characteristics.
The doji is often represented as a sign of a turning market. While it is common to see a doji at a market top or bottom, it is not wise to use it alone as a turning signal. Indecision means exactly that, the market is unsure of its future direction - therefore it should only be used as a warning, not a stand-alone signal. If the doji appears at previous support or resistance it is more likely to signal a potential reversal, however it occasionally appears out of the blue, and this should signal caution to the trader - but positions should not be liquidated without further confirmation. A common way to use this signal in an uptrend would be to use a close under the low of the doji to signal a top, and a close above the high of the doji to signal continuation, with the reverse for a downtrend.
NEW YORK, April 11, 2011 (GLOBE NEWSWIRE) -- EI Maniel International Inc (Pink Sheets:EMLL) announced significant gold findings on Plots A and B today and initial results from the geological survey conducted indicates that the projected gross revenues from the expected gold reserves is in the region of $200 million based on current gold prices. "Our consultant, Mr. Ofei Agyekum from Accra, the capital of Ghana and his geologist initially reported that we can achieve an initial production rate of at least 6,400 Oz for the first year of operations on Plots A and B," states Jamie Khoo, CEO of El Maniel International Inc "We expect a ramp-up in production from the preliminary estimates after the first year of operations and we are very excited on the gold find as the value of this asset continue to appreciate exponentially from rising gold prices which we still believe will chart $1,600 per Oz in the near term."
Plots A and B refers to the alluvial gold mining claim falling within latitude 5 degrees 20" N and 5 degrees 22" N and longitude 2 degrees 08" W and 2 degrees 09" W which is situated in Akatreka of Wassa Amenfi West, next to the Ankobra river. The Ankobra river has long been a significant source of alluvial gold for many generations of local inhabitants and portions of the river continue to attract artisanal miners in the dry season when the river gravels can be more easily mined. "Our gold mining and exploration team in Ghana are now working on the following steps of expediting for final approvals necessary for commencement of mining operations which includes the digging permit," added Jamie Khoo. "This gold asset will be a launch pad for El Maniel to greater heights and to pursue its ongoing business model of expanding its revenue generating capabilities to ultimately enhance shareholder's value."
El Maniel International Inc is a publicly traded company currently focused on prospecting, developing and expanding the economic potential of world class mining claims located in Ghana, West Africa and the company is committed in creating shareholder's value by ensuring constant development of current and new resources in the region. For further information and updates on El Maniel, stay tuned to www.elmaniel.com
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings. The forward-looking statements in this press release speak only as of the date hereof, and the Company disclaims any obligation to provide updates, revisions or amendments to any forward-looking statement to reflect changes in the Company's expectations or future events.
CONTACT: El Maniel International, Inc Investor Relations Contact: 212-726-2179 ir@elmaniel.com
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