Wednesday, April 27, 2011

Genting Bearish Engulfing Pattern



Bearish Engulfing candlestick pattern formed as price approached strong resistance zone as indicated by the red bear icons. High probability that there will be a test of both the lower channel support and the gap support shown by the red rectangle zone. A weak bullish support may see further decline towards the Ichimoku cloud. A breakdown below the bold blue 200 EMA support will most probably signal further declines.

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