Re: Any Bull patterns in SBI?
normally any pattern form when there is fluctuation in the price and volume.
SBI is in a bull run since Mid April 2010 and following rising three(some time more.but pattern is intact) candle continuation pattern. When a stock is very strong, Indicators might show that it is over bought and it may cool down(consolidate) without price falling much.
so be careful if you are planning to short. It might take your stop loss unless market is falling.
normally any pattern form when there is fluctuation in the price and volume.
SBI is in a bull run since Mid April 2010 and following rising three(some time more.but pattern is intact) candle continuation pattern. When a stock is very strong, Indicators might show that it is over bought and it may cool down(consolidate) without price falling much.
so be careful if you are planning to short. It might take your stop loss unless market is falling.
Re: Any Bull patterns in SBI?
Madhuri , may be you are refering a different pattern . I meant three rising candle only.
The Rising Three Methods bullish continuation pattern occurs in a bull market, where during an uptrend the market rests before resuming the trend. The bullish trends break is reflected by small candles that all stick to a strict market range formed by the aggressive move on day one.
A typical explanation for this type of formation might that the market is slowly digesting the relatively large moved reflected by day one. The small daily ranges in the middle candles often precede significant economic reports and FX moves. Such periods of relative inactivity and tight trading are common. Rising Three Methods is confirmed where a blue candle dives up to new highs reinstituting the bullish trend.
Number of Middle Candles
In a picture perfect formation the middle candles number three. But realistically the pattern may have two, four or even five candles. Individually each middle candle may be a star or Doji, red or blue.
Middle Candle Wicks
Important to note is that each middle candle wick needs to stay within the first candles high/low range to signal a strong continuation signal. With the bullish Rising Three Methods this is especially important for the lows. Should if a wick trades to a low below the first large blue candles low, it casts doubt over the strength of the continued uptrend.
Madhuri , may be you are refering a different pattern . I meant three rising candle only.
The Rising Three Methods bullish continuation pattern occurs in a bull market, where during an uptrend the market rests before resuming the trend. The bullish trends break is reflected by small candles that all stick to a strict market range formed by the aggressive move on day one.
A typical explanation for this type of formation might that the market is slowly digesting the relatively large moved reflected by day one. The small daily ranges in the middle candles often precede significant economic reports and FX moves. Such periods of relative inactivity and tight trading are common. Rising Three Methods is confirmed where a blue candle dives up to new highs reinstituting the bullish trend.
Number of Middle Candles
In a picture perfect formation the middle candles number three. But realistically the pattern may have two, four or even five candles. Individually each middle candle may be a star or Doji, red or blue.
Middle Candle Wicks
Important to note is that each middle candle wick needs to stay within the first candles high/low range to signal a strong continuation signal. With the bullish Rising Three Methods this is especially important for the lows. Should if a wick trades to a low below the first large blue candles low, it casts doubt over the strength of the continued uptrend.
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