Goldman and Merrill Now in the Land of Bearish Japanese Candlesticks
Goldman Sachs and Merrill Lynch may have topped and rolled over as this is being written on the early afternoon of May 5, 2008. Viewed from the standpoint of Japanese Candlesticks technical analysis, the Monthly price chart of Merrill Lynch (MER) showing its shares’ price action for December 2006, January 2007, and February 2007 (yes, 2007!) reveals a three-bar “Evening Star” pattern in which the middle bar was a “Shooting Star.
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