Weekend TARSI (relative strength index) Turned back up to 61.55. It did go into the upper 50's. It appears that was good enough to get buyers interested again.
MACD and Full Sto. Sloped downward but only slightly. A price in this range will turn them back up in short order.
EMA20 is .329...adds to the reason why buyers came in at .345
Bollinger Bands. You can look up the explanation but basically once they tighten back up the stock will break one way or the other dependant on the indicators showing. In our case, that would be back up.
The indicators and the substantial buying out of certain houses has me needing to change my "next leg up" timeframe from my last weeks statement of 10 - 15 days to within the next 10 trading days.
Recommendation is to hold and if you wish to add or buy stock, I believe your time may be limited, so don't sit on the sidelines for too long now.
We ended the week with a candle I would describe as a Hammer.
I just pasted an explanation here so you could see what it says.
Holding tight.
Mediascan
After an established downtrend
• Hammer candles have a small real body that forms at the upper end of the days trading range
• The candle can be either white or red, analyst usually do not differentiate.
• Lower wick at least twice as long as the real body
• No (or almost no) upper wick
After a bearish sell-off a significant rally brings price back up creating a long bottom wick. By day end buyers are able to push prices back to the upper range creating a short body.
The Hammer pattern signifies a weakening in bearish sentiment. The long lower wick signifies an initial continuation of the downtrend. However, renewed buying sentiment acts as support and drives the price higher to close near its opening price.
• Strength and Confirmation
The strength of a Hammer formation depends on where it appears. If a hammer forms near support levels, then the likelihood of a strong bullish reversal is high. However, if the hammer forms in the middle of a trading range it tends to have little significance. In ideal conditions traders want the wick length to be several times longer than the body of the candle. The longer the candle, the more buyers were able to drive price back up and the stronger the bullish signal this candle provides.
Although above we state that most analysts do not care if the small candle is white or blue, traders will actually take a blue candle to suggest a stronger bullish signal. Buyers being unable to bring the close price above the open price suggest additional bullish strength. Generally the difference between white and red candles is minimal