1) After a strong up move there was a huge volume but the spread was minimal. but yet the price managed to close in the middle. It could have been the buyers re-entry point
2) There should be a follow through in the up move, but the stock went up without any volume, this can be either buyers withdrawn from the accumulation or the previous volume shall be sellers absorbing the demand.
3) followed by a down bar
4) There was a clear test of supply as shown with a very small volume denoted by letter 'a'.
5) The test indeed is a successful test, We have one more test closing well below. again it is a successful test look at the fall in the stock.
6) It is a no demand up bar, followed by bearish candles.
Now we have a area of support at 2630 region lets observe the price action in that region and come to a conclusion of further fall.
Have this in your watch list guys!!!
2) There should be a follow through in the up move, but the stock went up without any volume, this can be either buyers withdrawn from the accumulation or the previous volume shall be sellers absorbing the demand.
3) followed by a down bar
4) There was a clear test of supply as shown with a very small volume denoted by letter 'a'.
5) The test indeed is a successful test, We have one more test closing well below. again it is a successful test look at the fall in the stock.
6) It is a no demand up bar, followed by bearish candles.
Now we have a area of support at 2630 region lets observe the price action in that region and come to a conclusion of further fall.
Have this in your watch list guys!!!
Note
As expected we got a immediate support from the demand zone. This demand zone, has a test of supply candle at 13:45 which is a failure, tomorrow we can again test the same region. to absorb if there is any supply. if the absorption succeeds then we can go long. till then we waitNote
The temporary short move was stopped by the demand zone we have drawn, and the stock made a high of 3018 from 2633 in three days
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.