Friday, April 17, 2009

IBM reversal patterns

IBM closed April 9 with a hanging man candlestick, and dropped for the next few days. Then on April 15 it closed with a hammer, and April 16 closed higher (up 2.58, almost 3%) on a little heavier volume. However, we still have the double-top formed April 3 and April 9, and it seems to be having trouble poking its head above the 200 day moving average. We will watch it.

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