Moses’s Singapore Stock Market Analysis, NOL Update
Is Neptune Orient Lines forming an evening star? No. Don’t jump into any conclusion till the candlestick pattern has completed, but the price action is reaching a critical resistance to watch. If you are not sure, stay aside!
The following analysis was done before the February 3, 2012 data was uploaded.
Moses’s Singapore Stock Analysis, Neptune Orient Lines, NOL Update. Three weeks ago, January 15, we saw the price action clear the neckline of a double bottom. The price actions continue to be strong to support the double bottom chart pattern.
Now, the price action has reached a critical level. Can the price action maintains the strong momentum and pushes the price action further north? For professional trader and technical analyst, they will wait till the pattern is formed. They only trade what they see and not what they think.
There are two possible scenarios. One scenario is the price action has reached the resistance; the candlestick pattern is forming an evening star and starts to go south. Second scenario is the price action will push further north before pulls back to find a support near the previous neckline. In order for the price action to have enough energy to drive further north, the price action will have to accumulate before it pushes further north.
You can read the previous posting for previous comment and analysis.
Neptune Orient Lines Daily Chart – Analysis One
Neptune Orient Lines Daily Feb 2, 2012
Took second look again at the chart, and you may form another story.
Neptune Orient Lines Daily Chart – Analysis Two
Neptune Orient Lines - What's Next
Neptune Orient Lines Weekly Chart
Neptune Orient Lines Weekly Chart
Have fun!
Moses, February 5, 2012
DSICLAIMER
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