Monday, April 10, 2006
Sunray - Head and Shoulder Formation
Head and Shoulder formation with double right shoulders RH1 and RH2. Neckline as shown by the red dotted line was broken on 3rd April 2006 and confirmed on 5th April 2006 after remaining below the neckline for 2 days. RSI trending down. Stochastics just entering oversold region. Immediate support is the tail of the tiny dragronfly doji. Next support is 44.5 cent indicated by the green dotted line followed by 43.5 cents shown by the red line. Immediate resistance is 49.5 cents the highs of the 3 bars just after breaking the neckline.Price may sometimes try to move back to the neckline but be alert for further price drop.
# posted by Cherie : 8:26 AM
