kiranrshinde

Banknifty - Morning Star Pattern 10 Aug

NSE:BANKNIFTY   NIFTY BANK
What Does Morning Star Mean?

A morning star is a visual pattern consisting of three candlesticks that is interpreted as a bullish sign by technical analysts.
A morning star forms following a downward trend and it indicates the start of an upward climb.
It is a sign of a reversal in the previous price trend. Traders watch for the formation of a morning star and then seek confirmation that a reversal is indeed occurring using additional indicators.

The opposite pattern to a morning star is the evening star , which signals a reversal of an uptrend into a downtrend.

Can we expect a bullish move .. please put your thoughts into comment.

Comments

I'm highly thankful to your good self, for valueable ideas of banknifty marketing
+1 Reply
kiranrshinde acharyastate
@acharyastate,

Thank you so much.
Reply
It's already up..how can we consider it morning star
Reply
kiranrshinde Traderguptaji
@Traderguptaji,

We must not only consider Downtrend but must look at the Candlestick Pattern formed.
And Downtrend does not always means a big downfall, it can be a small retracement as well. "It is a sign of a reversal in the previous price trend."
Reply