TWEEZER TOP - NIFTY - BEARISH REVERSAL ON CARDS
TWEEZER TOP DESCRIPTION
>> BEARISH PATTERN, IDENTIFYING A RESISTANCE LEVEL
>> 2 OR MRE CANDLES WITH THE HIGH POINT ACHIEVING THE SAME LEVEL
>> CANDLES CAN BE EITHER COLOUR
PSYCHOLOGY
THE UPPER EXTREME OF THE SHADOW REPRESENTS AN AREA F RESISTANCE.
BULLS WERE NOT WILLING TO BUY ABOVE THIS PRICE, SO THE BEARS RETURNED IN FORCE
TO DRIVE THE PRICE BACK DOWN.
THE TWEEZER TOP FORMS WHEN 2 OR MORE CANDLE'S UPPER SHADOWS FORM AT THE SAME LEVEL,
CONFIRMING THE STRENGTH OF THIS RESISTANCE
AND THE LIKELYHOOD THAT THE UPTREND WILL EITHER PAUSE OR REVERSE TO A DOWTREND
TRADE PLAY -
NIFTY CAN BE SOLD @ CMP KEEPING STOP AT THE RESISTANCE LEVEL AND TARGET AS PER COMFORT
disclaimer - trade on own risk
>> BEARISH PATTERN, IDENTIFYING A RESISTANCE LEVEL
>> 2 OR MRE CANDLES WITH THE HIGH POINT ACHIEVING THE SAME LEVEL
>> CANDLES CAN BE EITHER COLOUR
PSYCHOLOGY
THE UPPER EXTREME OF THE SHADOW REPRESENTS AN AREA F RESISTANCE.
BULLS WERE NOT WILLING TO BUY ABOVE THIS PRICE, SO THE BEARS RETURNED IN FORCE
TO DRIVE THE PRICE BACK DOWN.
THE TWEEZER TOP FORMS WHEN 2 OR MORE CANDLE'S UPPER SHADOWS FORM AT THE SAME LEVEL,
CONFIRMING THE STRENGTH OF THIS RESISTANCE
AND THE LIKELYHOOD THAT THE UPTREND WILL EITHER PAUSE OR REVERSE TO A DOWTREND
TRADE PLAY -
NIFTY CAN BE SOLD @ CMP KEEPING STOP AT THE RESISTANCE LEVEL AND TARGET AS PER COMFORT
disclaimer - trade on own risk
Trade closed: stop reached