Last week Alliance California Municipal Income Fund Inc. let off some bullish steam when double top has been formed and the price declined to the lower boundary of the channel. Despite the channel violation down a bullish harami pattern came into existence and the stock returned back to the channel giving a hint that upward motion is not yet finished. Next session proved to be bullish when it opened gapping up. Candlestick patterns which appeared during last two days trades proved the channel validity and open brilliant opportunities for bullish trades with TP near the upper boundary of the channel.