Friday, 14 June 2013

Hammering Bund Bears

Trading in the early part of this week saw the strong decline from May's high extend to more than 5 1/2 points.
These lows, outside the Keltner channel, were sharply rejected Tuesday with that price action forming a Bullish Hammer pattern on daily candle charts. This has led to a significant rally (150-tics from the low - almost 100 from Tuesday's close).
Interestingly there is the strong possibility that Friday's close will confirm the formation of the same Bullish Hammer pattern on weekly candle charts.
Will we see the same impact? If so there's potential for 144.88 or even 145.51 (see charts below).
Have a great weekend.



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