APWR shows a candlestick hammer after a downward movement, usually a sign the downward movement has ended. It coincidentally ended near the centering moving average of its Bollinger bands. This reveral candle pattern also happened on a dramatic increase in volume.
The 60-minute graph shows the downward movement ended at the 38% Fibonacci retracement level, with the subsequent recovery on increased volume. Price is now approaching both a long-term uptrend line, violated during the correction, and the downtrend line of the correction underway since June 2. Tomorrow should give us indication whether APWR will continue a downtrend, or whether we have seen the end of the correction before it resumes upward movement.
No comments:
Post a Comment