Forum Archive Index - April 2002

[Phaedrus <Phaedrus@techemail.com>]

 Yesterday, FBU appeared to have formed a price/volume climax. These are common 
turning points. The 14 day RSI oscillator also gave a Buy signal. Historically, 
the RSI oscillator has performed very well with FBU, with a backtested average 
annual return of over 50%. Price action today (a gap up) gives some degree of 
signal confirmation. 
 As discussed in Greg Morris' book "CandlePower", multiple candle patterns can 
be resolved into a single candle, which generally retains the implications of 
the overall pattern. The two candles comprising this reversal can be combined 
into a single candle - a Long-legged Doji, almost a Dragonfly Doji by reason of 
the Open and Close being only one cent below the two day high. The long lower 
shadow identifies the marked change in market sentiment - a clear reversal 
signal.
 This may mark a good entry point into a stock that has been widely recommended 
by brokers.

                   Phaedrus.

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