All of the mining companies mentioned above sold-off today and lost a lot if you were not able to sell in time. These were overextended stocks that is due for profit taking ;
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OV_23Febn2012_Down
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OPM_23Feb2012_Down
As shown on the graphs the last Red Candlestick engulfs the previous Green candlestick which signifies a downtrend and supported by the downward pointing momentum MTM1 but not so obvious with MACD.
On the other hand, some of the Bullish stocks today includes CMT, PHA, & SMDC. As shown below CMT has broken its resistance of 1.8 and is on an uptrend , supported by momentum and MACD .
While SMDC continues its slow but sure uptrend 4 days in a row as supported by the momentum MTM1 & MACD indicators.
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