Well Market went into a big selldown last Friday as Europe side is showing very bad credit crisis on a few countries such as Greece, then it rebounded at the last min forming a hammer. Boy it sure tested the 150 MA (Yellow) before rebounding up! This ugly Hammer now signifies a possible rebound or consolidation again. I'm kind of certain that this rebound was the panic covering of shorts.
Monday, February 8, 2010
Hammer (5 Feb 10)
Well Market went into a big selldown last Friday as Europe side is showing very bad credit crisis on a few countries such as Greece, then it rebounded at the last min forming a hammer. Boy it sure tested the 150 MA (Yellow) before rebounding up! This ugly Hammer now signifies a possible rebound or consolidation again. I'm kind of certain that this rebound was the panic covering of shorts.
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