James,
My view is this - there was a really nice looking shooting star to go short about 5 candles back and now we have a large hammer, which appears to be a possible pullback to the SMA as well.
In TRADITIONAL candlestick analysis, there is a possible buy here. The next step is to decide how/when to play this, which we'll discuss in another thread when I get a chance to put the thread together.
PS
I have one favor to ask - when posting charts, can you zoom in on the price action you are referring to? See my screenshot for an example. Reason is that I had trouble viewing your screenshot to see the price action that you were asking about so I had to hop over to stockcharts to get the chart. It just makes it more convenient for everyone if we can just view your chart easily. If you need a free version of SnagIt, check this thread out -
http://www.traderslaboratory.com/for...-7-a-2170.html