Needs a trip to the lower bollinger band ?
Nice chart from Ron Walker
Watch next week to see if wedge support and the 34 dma can hold.Tuesday's black candle was a sell signal
in line with what was discussed in last weekends post, where I wrote
" Looks like an overthrow,the initial candle was a shooting star/inverted hammer,then 4 NR candles (narrow range) then a doji. Needs a black candle with a close below Thursdays low to suggest a reversal pattern. As Jeff Cooper teaches,the 7th day is often a reversal."
So Tuesdays high is a reasonable invalidation point or stop-loss level for shorts
Nice chart from Ron Walker
Watch next week to see if wedge support and the 34 dma can hold.Tuesday's black candle was a sell signal
in line with what was discussed in last weekends post, where I wrote
" Looks like an overthrow,the initial candle was a shooting star/inverted hammer,then 4 NR candles (narrow range) then a doji. Needs a black candle with a close below Thursdays low to suggest a reversal pattern. As Jeff Cooper teaches,the 7th day is often a reversal."
So Tuesdays high is a reasonable invalidation point or stop-loss level for shorts
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