SYAI Weekly chart: Bullish Engulfing Reversal Pattern formed the last week of Jan.......the white candle & higher closing weekly share price the 1st week of Feb. confirmed the Buy signal......last week SYAI continued the uptrend & closed higher for the week.......impressive 3 week run.......
Last week SYAI tested MA(20)/Middle Bollinger Band @ 0.036 support & bounced forming a long lower wick on last weeks candle.........SYAI also ran all the way to 0.08 last week before closing @ 0.065.......this created a long upper wick........the two wicks & white real candle body formed a white spinning top last week........
This candlestick has a tiny white body with upper and lower shadows that have a greater length than the body. It is accepted as a type of Doji, and will act as a Doji when it appears
Recognition Criteria
1. The body of the candlestick is white and very small. 2. The upper and lower shadows are longer than the body. Candlestick Requirements and Flexibility The white body of the candlestick should be very small. The lengths of the shadows should be greater than the length of the body.
Trader’s Behavior
The market moves higher and then sharply lower, or vice versa. It then closes above the opening price creating a tiny white body. This represents complete indecision between the bulls and the bears. The actual length of the shadows is not important. The small body relative to the shadows is what makes the spinning top.
If a White Spinning Top is observed after a long rally or a long white candlestick, this implies weakness among the bulls and it is a warning of a potential change or an interruption in the trend.
If a White Spinning Top is observed after a long decline or a long black candlestick, this implies weakness among the bears and it is a warning of a potential change or an interruption in the trend.
Like most other single candlestick patterns, the White Spinning Top has low reliability. It reflects only one day’s trading and can be interpreted both as a continuation or a reversal pattern. This candlestick needs to be used with other candlesticks to confirm a trend.
The for next week will be a close above the closing prices on the 27th & 29th of Nov. 2013........basically a close above 0.0775 = Major Showtime........should see a run to 0.10 when 0.08 "zone" breaks.......if SYAI can break 0.10 and turn that level into support a run to the March 2011 high levels of 0.19 could follow.........it all starts w/ closing above the last week of Nov. levels..........that will be the signal it's still Showtime!........
MA's(7 & 10) @ 0.054 & 0.055 are the 1st support levels..........MA(20)/Middle BB @ 0.036 is the 2nd.......as long as SYAI continues forming candles above the Middle Bollinger Band the uptrend should continue.........$$$
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