Price of yahoo did break up of the old resistance at 41.26 registered in early Jan 2014.
But the purpose of the break out is not to continue the uptrend but to trap bulls and clear the stop loss of shorties
On 19 Sept, a big red candle with volume send the bull below that resistance again, the bulls are not happy, attempted to retest but got rejected twice in two days.
Something fishy here:
If the candle at close is a big red marubozu all the way down, the bears are safe
if the candle at close is a high spin doji, then there is a chance of spike up again
Bears... be very cautious
But the purpose of the break out is not to continue the uptrend but to trap bulls and clear the stop loss of shorties
On 19 Sept, a big red candle with volume send the bull below that resistance again, the bulls are not happy, attempted to retest but got rejected twice in two days.
Something fishy here:
If the candle at close is a big red marubozu all the way down, the bears are safe
if the candle at close is a high spin doji, then there is a chance of spike up again
Bears... be very cautious
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jangseohee
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