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@santhoshkak That candle has supply (shown by wick) which means bears are present in wick area. So unless we clear that area off, we cant go long becoz every time price hit that zone, bears will sell.
Near the demand zone, we need to observe price action if it is taking support or not 1/n
Near the demand zone, we need to observe price action if it is taking support or not 1/n
@santhoshkak In this case, since 6715 was prev supp I was watching this for a reversal but price action didnt support so didnt buy. After this long bar with long wick, not even 1 candle broke & closed above prev candle high & volume continuously got increased which clearly shows bearish 2/n
@santhoshkak sentiment. In order to see reversal, we must see the following -
1) Candle size getting smaller
2) Volume getting dried
3) Sideways movement
4) Long lower wicks with close towards the high
5) Low volume test of lows
6) Break of prev candle high
None of the above symptoms 3/n
1) Candle size getting smaller
2) Volume getting dried
3) Sideways movement
4) Long lower wicks with close towards the high
5) Low volume test of lows
6) Break of prev candle high
None of the above symptoms 3/n
@santhoshkak were seen in Maruti hence no reversal possibility. Hope it helps understand the psychology behind. Let me know if you have any further questions.
4/4 Closed
4/4 Closed
