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"The market is a treacherous and fascinating game. I am a player and this is the quiet place i go to pen my thoughts and emotions."

Saturday, June 03, 2006

Chart: My first chart request!

ChartWow! My first chart request is from mininvestor.
Thanks, mininvester! =)

Since this is a recent IPO, there is not enough data to derive meaningful indicators. As we can see, the MAs, bollingers, RSI, etc are still not meaningful. So we work with what is available: the candlesticks, trendlines and formations.
There is nothing special about the candlesticks, although I see hints of a consolidation.
The trend is down.
The most dominant feature of this chart is its formation. The chart has formed a descending wedge formation. This is a bearish formation. When the support of 0.41 is broken downwards, most traders will see this as a shorting opportunity.

My advice is to wait a little long if you want to enter. This is not a good time to enter yet.
Hope this helps!
=)

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