Reliance on Daily time frame broke down important support level and gave a weak closing on 15th March, although there are some more supports placed below but if I look at current price vs volume relationship and whatever my understanding and view is that even though the volumes were on higher side today in comparison to last two day's session, the price couldn't broke Previous day low in today's session. This is probably a sign of good accumulation by strong hands and getting weaker hands out of the market probably.
As they say operators buy in red candles and sell in green candles or basically sell in strength and buy in weakness is the theory they apply :)
I will be keeping a watch here to understand whether this was really a climax candle in selling or not.
Comment
⋅
Going good so far :)
Comment
⋅
Worked out perfectly - the trapping breakdown candle now 50% engulfed, so clearly late shorts are trapped here and it is making a sort of morning star on daily tf.
Good follow up volumes as well today
Comment
⋅
Reliance made a high of around 2290+ :) Good contra bet worked perfectly :)