American Science and Engineering ($ASEI) broke support at the beginning of May, but the bulls are not giving up easily as the stock formed at least four really long white candlesticks since then. A long white or hollow candlestick indicates that the close is above the open. These candlesticks reflect rather strong advances after the open. A move above 89 would break near term resistance.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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