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Thursday, November 12, 2009

TechOil&Gas Breakout

[3:15pm] TechOil&Gas breakout from .55 this morning and hit .58 intra-day with relatively high volume. It has retreated back to .55 by 3:15pm due to poor broad market sentiment where the index fell back 21 points. If it is able to close somewhere around .57 today or within the next 1~2 days, there is a good chance where it will head toward .60 ~ .62 in the near future. Conversely, if it closes below .55 and won't look back. This signify a sign of rejection and may fall back to .50.
One observation I have made, TechOil&Gas seems to be moving in tandem with Longcheer. There is no technical ground but it has been quite true so far.
[6:30pm] Too bad, it closed at .545 with a Gravestone doji candlestick. Technically, this is bearish.