On weekly Chart, it is been observed that there is a formation of Gravestone Doji candlestick
that indicates bearishness. It forms in uptrend market to suggest change in trend. As showed in the chart, Nifty
is been trending up forming new upside breakouts and waves for a while, it is been now observed with a Gravestone Doji
, that indicates change in trend or "Party over for bulls" for a short time.
1. Formed when opening and closing price are almost equal.
2. Long upper shadow suggests that buying pressure was countered by high selling pressure, rejecting higher prices
3. This candles indicates turning point of a trend, known as bearish
In all, bulls pressure to take prices up has been completely rejected by sellers waited at resistance, indicating change in trend.