PCOMP chart as of 28 OCT 2016
(click on the chart to enlarge)
remarks:
1. the index closed lower to 7404 ... after hitting 7317 intraday ... almost the top of the support at 7295 - 7312 ...
2. the macd histogram crossed the 0 - horizontal (macd sell signal)
3. support: 7317, 7295 - 7312 ...
4. the pcomp formed a hammer ... at the bottom support no less ... will see monday and the succeeding days if we have already seen the bottom and this is the start of the uptrend (The Hammer is a bullish reversal pattern that forms after a decline. In addition to a potential trend reversal, hammers can mark bottoms or support levels. After a decline, hammers signal a bullish revival. The low of the long lower shadow implies that sellers drove prices lower during the session. However, the strong finish indicates that buyers regained their footing to end sthe session on a strong note. While this may seem enough to act on, hammers require further bullish confirmation. The low of the hammer shows that plenty of sellers remain. Further buying pressure, and preferably on expanding volume, is needed before acting. Such confirmation could come from a gap up or long white candlestick. Hammers are similar to selling climaxes, and heavy volume can serve to reinforce the validity of the reversal. - Stock Charts: Introduction to Candlesticks)
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