REUTERS- morning market report ........

Banks were out of favour, led lower by Lloyds Banking Group (LLOY.L), which remained plagued by rights issue concerns and fears of what The European Commission may force the bank to do as compensation for state aid it has received.

Another one for the "UPS" ....

INCH 28.23p ( 28.21 / 28.25p )
Turn around on the short term chart help by The government is to extend its car scrappage scheme. Indicators at oversold

Intraday

3 month Candlestick with 50 & 200 days Moving Average

6 month Bollinger Bands,RSI, S Stochastic and 50 days MA

Charts - 5 days

JUST MANAGED TO BE IN POSITIVE TERRITORY AFTER BEING WELL DOWN

------------------------------Intraday --------------------------------------------------- 3 month ------------------------

    

Wonder what the Candlestic close is going to be an Umbrella or a Hammer?

The closing candlestic was something in between the Umbrella and the Hammer, but it does not matter as both are reversal patterns.............

BULLISH HAMMER

Type: Reversal
Relevance: Bullish
Prior Trend: Bearish

The Bullish Hammer Pattern is a significant candlestick that occurs at the bottom of a trend or during a downtrend and it is called a hammer since it is hammering out a bottom. The Bullish Hammer Pattern is a single candlestick pattern and it has a strong similarity to the Bullish Dragonfly Doji Pattern. In the case of Bullish Dragonfly Doji Pattern, the opening and closing prices are identical whereas the Bullish Hammer Pattern has a small real body at the upper end of the trading range.

Recognition Criteria:

1. The market is characterized by a prevailing downtrend.
2. Then we see a small real body at the upper end of the trading range. Color of this body is not important.
3. We would like to see the lower shadow at least twice as long as the real body.
4. There is no (or almost no) upper shadow.

Explanation:
The overall direction of the market is bearish, characterized by a downtrend. Then the market opens with a sharp sell off implying the continuation of the downtrend. However, prices suddenly turn upwards, the sell-off is quickly abated and bullish sentiment continues during the day with a closing price at or near to its high for the day which causes the long lower shadow. Apparently the market fails to continue in the selling side. This observation reduces the previous bearish sentiment causing the short traders to feel increasingly uneasier with their bearish positions.


                   

105.10p +1.35p

Yesterday's reversal pattern is confirmed with todays rise though the FTSE is down

Timing the BUYING order earlier on. From the "UPS" thread.........

Master RSI - 29 Sep'09 - 10:30 - 101 of 105 edit
UPS

HAWK 32.625 ( 32.50 / 32.75p )

Reason : Ready for the move up, Volume buying today with a stronger Level 2 on the bid side. Share price at lower Bollinger Band and Indicators at oversold.

And the bounce back is on 105.89p though the FTSE is only 7 points higher

MasterRSIwere you not trumped out in last months10% fall in lloy sp?

month on month lloy sp down 4.3% - not 10%.

Smartymy left hand thumb is my tenth fingermy index is my ninthmy middle is my eighthmy ring finger is my seventhand my pinky is my sixthadd the five I have on my other handand *bingo* I come up with youre answer?

tabasco

re - MasterRSIwere you not trumped out in last months10% fall in lloy sp?

Do you know the frase : The TREND is your friend, so at the moment LLOY is still my friend

The 10% drop is only 5% now, so I would have loost the 5% bounce

Master RSII know the phraseif she bendsshes my friendclose but no cigar

btw
You should know that after a large rise from 98p to 112p = 24 points comes retracement lost of 12 points down to 98p, only 50%.

It pays to know the ins an outs of charting

the 112p double top ( intraday ) could be a bit of resistance, but the market has been on profit taking last week.

Master RSII dont profess to be a chartistif form always worked out there would be no Bookmakersand no marketsIm glad it dont!!!

Master RSII have spent many a minute going over your timingspricespercentagesand basic arithmeticI am as bemused as the day I discovered Shergar featured on both the front and back of a stamp at the same time

tabasco

Do not expect to learn all the things you mention on the top post overnight.

It takes time, like a good old vintage wine to mature

Master RSIon my reckoningyou have another twenty yearsand thats just on the basic arithmetic
We never stop learningsomething you need to learnand chirping is only for birds!

He was ramping mdx last year tabby , lol.

Dil perhaps he is more advanced than I thought?.he is friends withOsvaldo Ardiles football Gabriel Batistuta football gel Cabrera golf Mauro Camoranessi football Hern Crespo football. Diego Armando shitforbrains Maradona.football David Nalbanditennis Carlos Reutemann Formula 1... Gabriela Sabatini tennis Carlos Tezfootball Juan Sebasti Ver footballGuillermo VilastennisOlivia Husseyactress...and not forgettingManuel Belgrano politician and creator of the National flag in 1812...but not so good on exclusion zones