Is that an evening star in formation ?
Firstly there has been two gaupup movement represented by circles. As we know gaps almost are always filled.And the gaps here will get filled only if the price comes down.
Secondly there has been a huge dump of shares as is visible in Volume.
Thirdly the RSI has reached 87.5 and needs to come down.
What do you think. Will the price comedown. Will it form an evening star pattern ?
Firstly there has been two gaupup movement represented by circles. As we know gaps almost are always filled.And the gaps here will get filled only if the price comes down.
Secondly there has been a huge dump of shares as is visible in Volume.
Thirdly the RSI has reached 87.5 and needs to come down.
What do you think. Will the price comedown. Will it form an evening star pattern ?
Comment:
As I said gaps rarely remain unfilled. Here filled first gap and on the way to fill 2nd gap. Can think about entering only around 90 - 100 levels where it stayed for a long time.
Comment:
As said earlier except in rare cases, prices always fillup gaps.
2nd gap will get filled at 105.90. But 108.35 is a support zone. So three things can happen henceforth
1) Bounce back from 105.90 or tomorrows lowest price
2) Further fall to find support at 82-92 level
3) worst case it will fall upto 58-62 level as there is a small gap there and strong support.
2nd gap will get filled at 105.90. But 108.35 is a support zone. So three things can happen henceforth
1) Bounce back from 105.90 or tomorrows lowest price
2) Further fall to find support at 82-92 level
3) worst case it will fall upto 58-62 level as there is a small gap there and strong support.