Friends. I thought let's learn this kind of candle pattern seen in Sudarshan chemicals. Based on my observations as well as from the teachings of few technical experts, the following pattern is described.
'When an unusually long green candle is formed followed by a red candle on top of the green candle, reversing the direction, this eventually ends in further red candles forming almost getting the stock price back to the start of the long green candle'.
We can see large volumes traded on the first day, but on the next day, the sellers seem to dominate.
This pattern is neither a dark cloud cover nor a bearish harami... But it is also a bearish reversal indicator. If anyone has an idea about this pattern, please share it for all of us to learn. Though better in higher time frames, this pattern works well even in smaller time frame charts.
Again, this is not a sure-shot signal for going short with Sudarshan chemicals. Let us watch, observe, and study how this pattern works.
This pattern will fail if a green candle forms tomorrow.
'When an unusually long green candle is formed followed by a red candle on top of the green candle, reversing the direction, this eventually ends in further red candles forming almost getting the stock price back to the start of the long green candle'.
We can see large volumes traded on the first day, but on the next day, the sellers seem to dominate.
This pattern is neither a dark cloud cover nor a bearish harami... But it is also a bearish reversal indicator. If anyone has an idea about this pattern, please share it for all of us to learn. Though better in higher time frames, this pattern works well even in smaller time frame charts.
Again, this is not a sure-shot signal for going short with Sudarshan chemicals. Let us watch, observe, and study how this pattern works.
This pattern will fail if a green candle forms tomorrow.
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When the entire market was this script closed in red... Let see if this technical analysis really works.