Today’s positive but indecisive trading merely indicates the slow trend channel is still in an upward direction. This allows for the development of the candlestick patterns, frypan bottoms, J-hook’s, to continue to perform.PINC is a good frypan bottom while IRTC is setting up for a cup and handle pattern after last month’s frypan bottom. The longer the market indexes remain above the T line, the more bullish sentiment will solidify. Expect some profit-taking/consolidation but the T-line remains the ultimate trend support indicator.
February 28th Daily Market Comments
Today’s positive but indecisive trading merely indicates the slow trend channel is still in an upward direction. This allows for the development of the candlestick patterns, frypan bottoms, J-hook’s, to continue to perform.PINC is a good frypan bottom while IRTC is setting up for a cup and handle pattern after last month’s frypan bottom. The longer the market indexes remain above the T line, the more bullish sentiment will solidify. Expect some profit-taking/consolidation but the T-line remains the ultimate trend support indicator.