China Oil Fields Clone Inverted Hammer Doji Candlestick Charting Pattern

Since the formation of the clone shooting star doji candlestick pattern on 24th April 2008 there has been 3 down bar candlesticks. Now a similar candlestick to that formed on 24th April 2008 has appeared signaling that a potential bottom may be forming. This candlestick looks like a clone inverted hammer doji candlestick charting pattern. Expect sideways trading the next few days until a clearer candlestick bar forms. Any upward move will probably be resisted by the 20 days EMA resistance line followed by the 50 days EMA resistance line. Expect strong resistance at the horizontal blue line 53 to 53.5 cents band. A breakout above this resistance band will propel price towards 58.5 cents and may challenge the gap resistance at 61.5 cents. Conversely, any weakening will meet immediate resistance at 41 to 40 cents support band. Support failure here may retest 37 cents support followed by 35 cents. If this support does not hold expect a challenge on 32 cents mid March 2008 low.