Possible Bullish Harami Candle Pattern Detected for Perfect World (NASDAQ:PWRD)

Date:2011-09-09lile  Text Size:

Analysts have spotted a possible bullish harami candle pattern in Perfect World (NASDAQ:PWRD) based on the price action in the company’s shares. Today's real body is within Wednesday's body and may imply that traders and investors believe that the recent move lower is exhausted. A green candle today would confirm this trend reversal. Also, the narrower the green real body Wednesday, the more reliable the harami. Thus far today, Perfect World has traded 527,000 shares, vs. average volume of 794,000 shares per day. The company traded 333,000 shares yesterday.

Perfect World Co Limited develops and operates online games. The Company primarily develops 3D gaming technologies.

Perfect World has overhead space with shares priced $19.36, or 57.7% below the average consensus analyst price target of $30.53. The stock should run into initial resistance at its 50-day moving average (MA) of $19.41 and subsequent resistance at its 200-day MA of $22.02.

Perfect World share prices have moved between a 52-week high of $34.40 and a 52-week low of $15.92 and are now trading 22% above that low price at $19.36 per share. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.2%.

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