SC is the selling climax after the sell-off on the 17/01/18.
AR is the automatic reaction point after the sell-off
ST is the second test which creates a spring because the market fails to commit to the downside at that point.
NOTE: This was possible because of low selling pressure. Also, note the long bar relative to the volume.
Points RT are failed upside creating resistance.
Point B and C form double bottom.
Note: at point C price should have come down because of the selling pressure yet price rally upside creating an upthrust.
Point D was a formation of CLOSED MARUBOZU candlestick which wipes off the day's gain on LOW volume. Note this move doesn't obey law of demand and supply.
Another double bottom at the point I and J.
NOTE: Very important clue here there is still selling pressure volume is higher relative to point B and C.
Price has been able unable to move higher D despite low selling pressure creating resistance at 11,500.
Price zone 9,500 - 10,000 need to be retested and even it price move higher resistance zone 12,900 awaits.
AR is the automatic reaction point after the sell-off
ST is the second test which creates a spring because the market fails to commit to the downside at that point.
NOTE: This was possible because of low selling pressure. Also, note the long bar relative to the volume.
Points RT are failed upside creating resistance.
Point B and C form double bottom.
Note: at point C price should have come down because of the selling pressure yet price rally upside creating an upthrust.
Point D was a formation of CLOSED MARUBOZU candlestick which wipes off the day's gain on LOW volume. Note this move doesn't obey law of demand and supply.
Another double bottom at the point I and J.
NOTE: Very important clue here there is still selling pressure volume is higher relative to point B and C.
Price has been able unable to move higher D despite low selling pressure creating resistance at 11,500.
Price zone 9,500 - 10,000 need to be retested and even it price move higher resistance zone 12,900 awaits.
