Good day today

Wednesday Aug 31, 2011 played out as I expected it to. Expected all 3 stocks to close lower and none of them disappointed.

It was the first time I had used Fibonacci to predict stock movement and turned out to be a good resistance area (.240 retracement level).

WEST MACD signal line crossover

WEST saw a signal line crossover today. should see a sharp move upwards soon. Also looks like a falling wedge pattern had been forming. Should see a reversal soon. Also the volume was good today. Has been accumulating for a few days now.

AIS Dark Cloud cover Pattern - Short term bearish reversal pattern

It is time to cover your positions in AIS.
In the above graph, you can notice a dark cloud cover formation.

Definition of Dark Cloud Cover formation: If the open today is greater than yesterday's close and today's close is below yesterday's midpoint of the day.

2.53 seems to be the resistance at this point. I expect 2.3 to be the support level. If that support is broken, the next support level seems to be at 2.24. Since the dark cloud cover pattern was near a resistance area, it adds more legibility to the bearish reversal.

For more info on Dark Cloud Cover Pattern Link1 Link2

ASX, QTM, PZG

ASX

1. Currently at Fibonacci Retracement Level (0.240). Measuring after it hit a low of 4$. 0.240 retracement level is hit at price 4.562. Expecting it to go lower based on Fibonacci.
2. MACD - just crossed 0. Suggests it will break the resistance caused by Fibonacci.
3. Good Volume seen today which suggests again that the uptrend should continue.

QTM

1. Currently at Fibonacci Retracement Level (0.240). Measuring after it hit a low of 1.54$. 0.240 retracement level is hit at price 2.018. Expecting it to go lower based on Fibonacci.
2. MACD - just crossed 0. Suggests it will break the resistance caused by Fibonacci.
3. Good Volume seen today which suggests again that the uptrend should continue.

But my gut feeling still says that the retracement level won't be broken tomorrow and will close lower than what it did today.

Following query was used to view the ASX chart:

set{F000,count(Fibonacci Down(120,20) is near 0.000,1)}

set{F240,count(Fibonacci Down(120,20) is near 0.240,1)}

set{F382,count(Fibonacci Down(120,20) is near 0.382,1)}

set{F500,count(Fibonacci Down(120,20) is near 0.500,1)}

set{F618,count(Fibonacci Down(120,20) is near 0.618,1)}

set{F786,count(Fibonacci Down(120,20) is near 0.786,1)}

set{F1000,count(Fibonacci Down(120,20) is near 1.000,1)}

SET{VAR1,F000 + F240}

SET{VAR2,VAR1+ F382}

SET{VAR3,VAR2 + F500}

SET{VAR4,VAR3+ F618}

SET{VAR5,VAR4 + F786}

SET{VAR6,VAR5 + F1000}

VAR6 ABOVE .5

F240 ABOVE .5

ADD COLUMN F000

ADD COLUMN F240

ADD COLUMN F382

ADD COLUMN F500

ADD COLUMN F618

ADD COLUMN F786

ADD COLUMN F1000

DRAW FIBONACCI DOWN(120,20,1)

and where close price is less than 5

and where close price is greater than 1

and draw MA(20)

and draw Bollinger Bands(20)

and draw MACD(12,26,9)

and draw ADX(14,14)

and draw RSI(14)