In technical analysis, majority of the patterns were first observed visually and then the rules made. Observing this interesting phenomenon on BNF over the past one month.
Any strong up day on BNF is immediately followed by a gap down open from the previous closing
Any strong up day on BNF is immediately followed by a gap down open from the previous closing
So any upmove /upday is almost never having any follow-up buying the next day. Unless this pattern gets broken by 1-3 days of upmove after a strong closing, BNF looks extremely bearish. The logic of BNF seems to be " will kick your ass if you take bullish positions overnight" 😀
Jokes apart, if you want to understand the logical basis of patterns, this book is still the best :
Technical analysis of stock trends by Edwards and Magee
quantgym.biz/post/the-only-…
Technical analysis of stock trends by Edwards and Magee
quantgym.biz/post/the-only-…
I had posted this logic earlier too, don't forget we are now within the budget day BNF range. Any meaningful support is at 31k levels on BNF. 33400 is another figure , this breakdown i had tweeted earlier also.
Old resistances becoming supports. A slightly larger time view. Break of today's lows of 32300 can open the floodgates
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