The market gapped higher in its opening on Tuesday at 3123.35 and closed at 3124.61. The intra-day high was 3130.39 and the low was 3112.39. This made a 1.26 point white stubby candle with a 10.96 point leg and a 5.78 point top wick - a long-legged Doji.
In candlestick analysis, the market has lost its direction. The bulls were winning most of the day countered by short but deadly bear-slams. Kind of like the bear being poked in the bum and turning around to pin the bull down only to have the bull making a comeback and starting all over again.
I have no change in my forecast of an imminent downtrend approaching soon. RSI (Relative Strength Index) shows that the market is possibly going to turn around and either range or go lower, in the mid-term. Fibonacci retracement ratios indicate a similar trend.
So far, 3 techniques of vastly different basis agree with one another. We should get the message.
No comments:
Post a Comment