Comstock (CRK)- Bullish Bounce Likely At these Levels
Traders,
Nice little set up for a rebound
1. Buyers are entering the market when the price has not yet touched channel bottom
2. The buying followed through for the next 2 days
3.The buying begun where we would expect it to do so, at an area of strong Fibonacci confluence, which is an area we are inclined to feel is a support area.
4. The very recent trading activity has done a small rounding bottom of indecision candles, with the confirming day for bullish follow through.
5. inverted hammer Harami cross, was followed by doji, and further buying
Now for step 6, we expect to see an open above yesterdays close. I am eyeing 3.98 price will be the approximate price for a nice breakout.
NOTE: There is a a bearish Cypher pattern OR an anti crab forming on this chart (Which I have not marked on the chart) The Bearish Cypher pattern is expected to complete around the 10.20's. Some of you may find this information helpful, as you may use this price level for your profit targets, or to short once at these levels. But I certainly won't be personally. I don't trade harmonic patterns anymore,
Good luck
Tom
Nice little set up for a rebound
1. Buyers are entering the market when the price has not yet touched channel bottom
2. The buying followed through for the next 2 days
3.The buying begun where we would expect it to do so, at an area of strong Fibonacci confluence, which is an area we are inclined to feel is a support area.
4. The very recent trading activity has done a small rounding bottom of indecision candles, with the confirming day for bullish follow through.
5. inverted hammer Harami cross, was followed by doji, and further buying
Now for step 6, we expect to see an open above yesterdays close. I am eyeing 3.98 price will be the approximate price for a nice breakout.
NOTE: There is a a bearish Cypher pattern OR an anti crab forming on this chart (Which I have not marked on the chart) The Bearish Cypher pattern is expected to complete around the 10.20's. Some of you may find this information helpful, as you may use this price level for your profit targets, or to short once at these levels. But I certainly won't be personally. I don't trade harmonic patterns anymore,
Good luck
Tom