Tweezer Top A tweezers topping pattern occurs when the highs of two candlesticks occur at almost exactly the same level following an advance.
Like many other candlestick patterns, tweezers occur quite frequently.
Tweezers are more meaningful as part of other trends, especially pullbacks.
Script = Lupin
Time Frame = 1 Day
Tweezer Tops
SAIL can go up if it beats latest Tweezer TopThe fib retracement drawn between the low on 19th April’21 and hight on 10th May’21 says it can retrace to 135 and then 150 levels.
But now it has formed a Tweezer Top pattern in the daily charts .
Levels to watch out for are 121.05 and 113.35-116.5, which are respected since 2007 and 2011 respectively. If they are breached downwards then those who are holding should be cautious.
Those who want to engage safely should wait till it goes up above 126.
If that happens, then target 1 should be 135 and target 2 should be 150. Stop loss under any of the supports which it respects.
PS: I am not a SEBI registered advisor. Enter in trades after reaching out to your advisors or at your own risk.
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