Monday, March 26, 2012/ Proshare Research

PAINTCOM experienced a very strong bullish week and the stock has been in a consistent bullish trend for the past 11days.

The emerging sentiments appeared positive and bullish while buying force remained very strong, as suggested by candlestick pattern, considering the maximum gap-up opening and closing posture of the stock.

MACD closed bullish, moving averages appeared bullish in short term but closed neutral in long term.

However, the money flow index remained flat throughout the week while RSI suggests the stock is due for serious correction anytime soon as the stock is far above overbought region. Meanwhile, the volume trend appeared too low and closed bearish most of the time in the week.

Technical conclusion on sentiments: The emerging sentiments appeared bullish. Though, the stock is due for correction anytime soon, trading far above overbought region as suggested by RSI. But the strong bargain force is likely to defy this. The chart below shows MACD, candlestick, RSI and volume.

http://www.proshareng.com/quote/PAINTCOM

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