It's a dark cloud cover pattern in last trading session as on 25th Nov2016.
What is Dark Cloud Cover Pattern
It is a pattern where a redcandle forms after long green candle. On 24th Nov 2016- It was a big green candle having email@example.com & firstname.lastname@example.org which was followed by a red candle on 25th Nov2016 having high@184. 80 & low@178. 85-
On 25th Nov2016- It opened at 182.90 which is higher than high of 24th Nov2016 i.e. 181.15 & closed at 180.50 which was similar to close on 24th Nov2016. Closing rate on 24th Nov2016- 180.45
Since wick or shadow of the 25th Nov2016 candle has gone into the body of 24th Nov2016- I am still open for upside, but only if it sustains above 182-183 zone else I will wait outside to see market reaction.
Strong Dark Cloud Cover Patterns ( Setup)-
Only happens if red in the current case 25th Nov2016 body could have dipped more than 50% of body range of previous day i.e. 24th Nov2016 - let me explain - 24th Nov2016 High-181.15 & low-172.15 - 50% of that range comes at 176.65 - if 25th Nov2016 could have closed at 176.65 or below 176.65 then likely this pattern could have turned into strong dark cloud cover pattern or candle whereas 25th closing was almost similar to 24th closing at 180.45- so partial profit booking has happened in the last session.
Bulls likely will come back if it sustains above 182-183 zone- making a new high above 184.80 or we shall wait on the sidelines to see further market action & come back later.
Wow, it did not sustain between 182-183 & had a fall from day's email@example.com
Sustaining above 173 is crucial for an immediate up & look for prices to cross falling trendline
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ