ALAM - Shooting Star with high volume occurred..

On Friday, a shooting star was formed and it is a bearish signal for candlestick pattern. What is shooting star.. Click here..


Let check the stock analysis for ALAM MARITIM on 2 Nov 2012.

Indicators

1) Trendline - Broke above the Uptrendline (Bullish)
2) Support/Resistance - Formed higher high  (Bullish)
3) MACD -3G4R (Bearish) . Waiting for 4R1G for a bullish signal
4) RSI - Overbought region and declining towards 70% (Bearish)  .Bearish signal getting stronger

 a) More Bullish- it rebound from 70% and incline again

 b) More Bearish- If break below 80%

5) STO - Bearish Crossover and  and declining toward 80%(Bearish).

6) Ichimoku - a) Above  support cloud (Bullish).
                       b) Conversion line above the base line (Bullish).
                       c) Price above the baseline ( Bullish)
7) Candlestick - Shooting Star Formed at the resistance of 0.73. ( Bearish).


Conclusion:
Bullish -

E ( Entry) :0.745 ( Closed at or above it)

S ( Stop Loss) : 0.715  

P ( Profit) :0.77

RRR (Risk to Reward Ratio) = 0.83 (RISKY)

Another plan is to wait for it to retrace and formed another higher low at the support 0.645

Resistance at 0.715 / 0.73 / 0.78 / 0.79 / 0.815 

Support   at 0.695 / 0.67 / 0.645 / 0.59