- Formed a Bullish Harami Pattern Candlestick on the 2nd trend line last 12/15 and 12/16... Reversal was confirmed the next day.
- Daily chart shows a bullish divergence... Price makes lower low while Oscillator makes equal low. This type of divergence is classified as weak divergence.
- Formed a mini downward channel.. A break on that resistance would confirm the start of up trend
- On the Harmonic side, our fellow harmonic trader EPGarias from Stock Market Pilipinas (SMP) saw the harmonic pattern for PX... Here's the link - http://www.philstockanalysis.com/ and http://www.stockmarketpilipinas.com/Thread-EPGArias-Stock-Analysis?page=121
- Weekly Chart shows a bounce at the 2nd trend line and 50dMA
If you were able to buy at the reversal, my advise is to hold and test the resistance of the descending channel. Stop loss if it breaks down from the 2nd trend line.
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