Sokoman Iron, at a great buying point
-Completed full Elliott wave impulse and correction following strong fundamental
-Followed by a bearish Head and Shoulders pattern resulting in negative price action
-Fundamental (strong news - but interpreted poorly by market participants) resulting in panic sell over past 2 days. Price action preceded fundamental
-RSI oversold on hourly - reversal imminent pending volume
-Strong volume buying in morning hours after gap down - market is resistant
-Low volume selling after gap down - reversal imminent
-Support lies at .175 (23.6% fibonacci level)
- Overhead resistance at .24-.255 (gap) and .30 (Head and Shoulders neckline)
And of course, the most important indicator - bears are cocky and bulls are being chastised :)
-Followed by a bearish Head and Shoulders pattern resulting in negative price action
-Fundamental (strong news - but interpreted poorly by market participants) resulting in panic sell over past 2 days. Price action preceded fundamental
-RSI oversold on hourly - reversal imminent pending volume
-Strong volume buying in morning hours after gap down - market is resistant
-Low volume selling after gap down - reversal imminent
-Support lies at .175 (23.6% fibonacci level)
- Overhead resistance at .24-.255 (gap) and .30 (Head and Shoulders neckline)
And of course, the most important indicator - bears are cocky and bulls are being chastised :)
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