Wednesday, November 14, 2007

LC - bullish engulfing?

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LC = 0.41 (5.1%)

LC formed a long white candle with lower low.

LC trying to close the previous gap up and looks to be forming a bullish engulfing pattern. It will be confirmed if LC forms higher highs and higher lows as it looks for resistance levels.

How can this be a bullish engulfing pattern where the trend is not clear? In my humble opinion, LC might have been trending down after achieving the high of 0.47 and this engulfing pattern might be reversing the trend towards a sideways and hopefully an uptrend.

Resistance: 0.42, 0.47
Support: 0.36, 32MA

Good luck to all LC traders!
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