Thursday, January 28, 2010

It is the tail that matters…

Of course I am not telling about monkeys, but about Candlesticks…

Look at the candlestick pattern shown. Today it had energy to breach yesterday's low, but did not have energy to come even closer yesterday's open. Additionally the longer upper tail of today's candlestick, with a red body, indicated selling dominated. Hence, today too it has closed with weakness and is expected to continue its southward journey….

Disclaimer: The views expressed herein are to be used with your own discretion and neither analyst nor the publisher will be responsible for the outcome.

MASTERSTROKES