ITs back to basics for me. I'm spending more time looking at candlestick formations again for potential clues. Today's review is MYL.
MYL looks in trouble. Its had a nice trend run but on Friday it gapped lower on heavy volume and created a nice hammer. Hammers on up trends spell danger, as the trend could be changing. Let's keep an eye on this one to see what happens.
While we're at it, lets take a look at NEP and see how its turning out from this past Thursday when I wrote about it looking screwed.
Well the short of it is, it still looks screwed. It had a nasty gap down and then the Bull tried to hold on. My guess is that they'll be a further push lower as the Bears want to fill that gap at the $8.00 level.