Candlestick analysis focuses on individual candles, pairs or at most triplets, to read signs on where the market is going. The underlying assumption is that all known information is already reflected in the price. The technique is usually combined with support & resistance. Each candle contains information about 4 prices: the high, the low, the open and the close. A candle body reflects the net price movement between open and close while the wicks show reversals that occurred within the timeframe of the candle.
Each candlestick, therefore, provides an easy-to-decipher picture of the price action. The length of the wicks versus the length of the body in combination with whether a candle is bullish or bearish, can be used to determine a signal for the price action to come. Common candlesticks that are used in this analysis are dojis, spinning tops, hammers, engulfing candles, pinbars and inside bars.
Dragonfly Doji Observed At Support/Breakout Retest.
Fibonacci Support.
Price Moved Above 21 EMA.
Other Details Mentioned In Chart.
Positional View For Educational Purpose Only.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
BTST IN GLENMARK
JAN FUT
BUYING THE DOJI FORMED AFTER A DOWN RUN
HOLDING 50-DMA FOR 2 DAYS
GOOD RISK TO REWARD RATIO
BUY@658
STOP@652.75
TARGET@670
LOT:750
QTY:2
After a sustained uptrend BataIndia looks weak at top. Stock after touching 1163.65 (which is 100% Fibonacci extension from the SPL of 1075) looking set to reverse its trend. Its giving divergence as per stochastic and all set to test 1138/1126/1114/1097 levels on near to medium term. Today also stock tested 1138.7 which is its 38.2% Fibonacci retracement. Its ...
I have done analysis on the Bank Nifty using supply and demand dynamics. This is candle by candle analysis. We are currently in consolidation phase and at resistance zone. The catalyst to break the resistance would be positive surprise in earnings of bank nifty companies. Negative surprise may lead to downward pressure on price with the confirmation of resistance ...
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