20Dec2010:
According to candle stick pattern it is a kind of rikshawman which is appearing after a minor rally. it is considered bearish. according to VSA, it is a down bar with below avg volume closing in the middle which is positive because there are not many sellers. yet, after a rally and then sideways movement, a down bar with below average volume tells that Smart money is not taking part. they are waiting. again today's bar has not crossed the resistance with high volume. rather it is approaching resistance with low volume. it is bearish. again, it is a variation of upthrust that failed to close on high which is again -ve. formation of descending triangle is still looming large. odds are in favour of the bear. as chart is not clear, better adopt wait & watch policy.
please correct me wherever I am wrong.
According to candle stick pattern it is a kind of rikshawman which is appearing after a minor rally. it is considered bearish. according to VSA, it is a down bar with below avg volume closing in the middle which is positive because there are not many sellers. yet, after a rally and then sideways movement, a down bar with below average volume tells that Smart money is not taking part. they are waiting. again today's bar has not crossed the resistance with high volume. rather it is approaching resistance with low volume. it is bearish. again, it is a variation of upthrust that failed to close on high which is again -ve. formation of descending triangle is still looming large. odds are in favour of the bear. as chart is not clear, better adopt wait & watch policy.
please correct me wherever I am wrong.
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