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Thursday, November 24, 2005

Giving thanks!

Giving thanks...for the hammer!

From Wednesday, November 23rd.

EOG - 15-minute chart:

After a gap down and some "up and down" action, EOG printed two textbook hammers at support from the opening range low (bars eight and nine). Note how price could not close below that line - very bullish. EOG rallies from that point and makes a nice run to the top of the retracement zone and the 34MA.

Other charts to study:
JNS - 15-minute chart; a break of the third bar high.
AGR - 15-minute chart; a break of the fifth bar high (some may have taken a break of the fourth bar high).

Answer the three questions on your own.

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