Sunday, November 11, 2007

DIZ - tried to break resistance but wanting in volume

DIZ = 11.75 (-6.0%)

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DIZ formed a black candle with higher low and higher high.

DIZ was able to open with a gap up above the resistance set by the all time high at 12.5, which for me was a signal to buy...

As the trading day progressed DIZ lost its steam and closed below the all time high at 11.75.

It is now a concern that DIZ might be forming a top or a reversal pattern aptly called dark cloud cover. It would be realized this coming trading day whether 12.75 is the the top of the run and the new all time high for DIZ. A confirmation would likely be a lower high and a lower low.

If bulls are still in control DIZ would likely form a higher high and higher low and significant increase in volume to take out the resistance at the previous all time high of 12.5

Resistance: 12.5-12.75
Support: 11.5, 9.7

Good luck to all DIZ traders!
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