Candle 1 : Is Last Bullish Engulfing in an uptrend.
Candle 2 : Is a Bearish Harami at the upper end of the Long Green Candle, signalling move will halt for few session , and will went sideways.
Candle 3 : Is a Spinning top, with long upper shadows, with high volume, shows there is heavy supply at high prices, & slackening in demand at higher prices.
Candle 4 : Is looks like a doji, with long upper shadow, which is again a bearish signal.
Combined View of all such candles : Out of 6 six candle , four candles are Red/Bearish Candle.
Blended Candle: If we combine all such candles, a candle in the shape of dark cloud cover will be formed.
Support : 1690-92, 1667, 1659, 1600, 1560.
Resistance : 1722, 1755.
Stock is moving under its 25 & 50 day moving average, which indicates, short- term & intermediate trend is weak.
Up-trending Channel is also broken.
However a little bounce can be seen till, 1722, 1755.
A Head & Shoulder Pattern is also seen,neckline of which is at 1759 , which ultimately gives a target of 1659.
100 day moving average stands at 1600
200 day moving average stands at 1550
There is a rising window support zone at 1529-1565.
No comments:
Post a Comment