There was a glimmer of interest in Nextnation when the stock open at 63c and moved to 67c without looking back. As a result, a white marubuzu candle has appeared. The volume traded is still low at 6868 lots traded. Is this a flash in the pan?
The company has just announced that its subsidiary company Nextnation Prisma has joined hands with the Human Resource Development Foundation of Indonesia to launch 'Bursa Kerja Indonesia'.
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6 comments:
Hi Ben,
It looks like a flash in the pan!?Do you see any further upside & any specific TP?
tcg82,
I am still trying to figure out your meaning of TP.Please clarify.
The stock closed above the middle price of the previous white candle. I take this as 'full of hope.'
Chart aside, the fundamental aspects remain intact.I like this counter. I believe it has enormous upside.
Ben,
Sorry, TP being target price.
Reason for my concern being there were two previous similar occassions on Nov 17th & Jan 16th. Chartwise these 3 occassions also look like a down trend. What do you think? Cheers
tcg82,
The black candles on the dates you mentioned have longer up shadows.To me the longer the up shadows of a black candle occuring at a top, the more bearish the situation. It is difficult to say what will follow after a black
candle. Intraday movements are very unliable.
The weekly chart shows that the primary uptrend is still intact.
I like to use tops and bottoms rather than trendlines when making decisions. As for TP, I normally don't pay attention.
If you are looking for reversals, I think fractals are useful.
Cheers!
Ben,
Ok I can see those mentioned shadows and the weekly chart steady uptrend being intact.
However can you help explain fractals or point me to a site?
Hope you don't mind continue this blog, am using to enhance my own learning. Any other readings input are welcomed.
As always many thanks. Cheers.
tcg82,
A fratal is a pattern of five candles. Look at your palm with the fingers closed and pointing upwards. That's an up fractal, and the sign is that it may be the beginning of a downtrend or a correction. A down fractal is just the opposite.
Higher highs with higher lows = uptrend. Lower highs with lower lows = downtrend.
Cheers!
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