Sunday, April 27, 2008

China Oil Fields Shooting Stars Triangles Chart Formation

First shooting star on 23rd April 2008 attempted to breakout from the red symmetrical triangle but failed. Second shooting star on 24th April 2008 managed to clear the red symmetrical triangle but was trapped by the ascending triangle blue horizontal resistance line. After the formation of the double shooting stars finally a down bar appeared as confirmation. This down bar candlestick is resting on the 50 days EMA support. Next support is the 20 days EMA support line. If this support does not hold the next support is the 45 to 44 cents support band. If this support can be defended the ascending triangle will be transformed into a rectangle trading range. However support failure here will test next support at 41 to 40 cents support band. Breakdown from this support band may result in a retest of mid March 2008 low at 32 cents. Conversely a rebounce at the ascending triangle uptrend line may propel price back towards the blue horizontal resistance line. Breakout above this resistance line will retest next resistance at 58.5 to 57.5 resistance band.


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