waiting for the .30 mv, page-25

It certainly bounced off the 12.5c today, which answered one of my questions: where was the next support after 14c. I had the range as somewhere between 11c and 12.5c. Given that 1 million shares or thereabouts traded in the few minutes after it hit 12.5c, I think we can pretty safely assume the next support on the retrace is 12.5c. The buying was mostly at the 13 and 13.5c level and the 12.5c was more a raid by the bears on the look of it. It then settled for the rest of the day at its closing doji level.

I'm not an expert candle sticker, so I'm not sure of the significance in this instance, but I will say this: after it hit 12.5c, a 1,000,000 bid for oppies was put in at 8.5c (thats $85,000 worth). This suggests that 13c on the heads and 8.5c on the oppies is bargain hunting level, even if the next level of suport is 12.5c.

mmm, I'm thinking about it. If it closed at 13.5c it would be a hammer, and hammer's are bloody good, just look at my XJO thread piece on the Dow hammer at the bottom of the recent correction (but I digress). It should be better than a hammer given that it closed higher. In any event, in this retrace the bottom will not be lower than 12.5c. If the dragonfly doji has as much or more meaning than the hammer, it not only means it will go up tomorrow, it means it will make new highs before it goes lower again.

Happy to hear alternative views from more experienced candlestickers.