ShanmukhamKumarappan

ShanmukhamKumarappan Updated 

The candle closed below the cloud and the next resistance is at 23.94 hardly a couple of dollars away. Whether the stock will bounce at the strong resistance or will experience greater sell off, only time will tell.

ShanmukhamKumarappan

Several reasons for shorting the stock 1. A bearish TK-Cross below the Kumo 2.Price could not get into the cloud - Span B of the cloud acted as resistance and price moves downwards 3. There is a small Doji before the first red candle indicating indecision . But this was soon solved as is shown by the engulfing red candle immediately after the doji.