Friday, August 28, 2009
Synear - Bearish Doji candles formed after 22% gain in a week!
Synear probably takes a breather after a week gain of 22% from $0.275 to $0.335. This bearish doji candles end the uptrend and the stock price may go into consolidation. If next Monday trading ends with a bearish long candle, Abandoned Baby pattern will be formed showing a reversal bearish trend. The stock price may retrace back support line between $0.27 and $0.28. If the Abandoned Baby pattern is not formed, the stock may reach $0.365 after a temporary consolidation.
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The Bearish Abandoned Baby candles pattern did not show up today and thus no confirmation of the trend reversal yet. However Synear closed at $0.335 with a black candle today indicated bear took charge at the end session. Coupled with 6.75% Shanghai sell off today, very unlikely the bull has the steam to push the price higher tomorrow. I have sold all my Synear shares today to take profit and will buy back when it retraces back to the support line of $0.28.
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