Marubozu Candlesticks Green and Red

SELLERS CONTROLLED THE PRICE ACTION from the first trade to the last trade on June 9, the second day of Week 24. The Ayala Corporation stock's 300 pesos open equals the high and the 292.50 pesos close equals the low.

Here is an example of a Marubozu. This candlestick do not have upper or lower shadows and the high and low are represented by the open or close.

Support level breach
Strong selling pressure is now clearly noticeable and is demonstrated by the break out below our 300 pesos support level. In addition, prices declined moderately from the open and sellers were more aggressive this time. Although we are waiting for a gap down for confirmation, we still think this day may foreshadow a turning point or mark a future resistance level.



Outlook for June 10, 2009
Selling pressure overwhelmed buying pressure for five days now within our trading range. But it remains unclear whether or not sustained selling or lack of buyers will continue to push prices lower. A gap down, long red candlestick or high volume decline means bearish confirmation.