Candlestick Pattern

Yesterday it was all about the close, the close needed to show strength above last Thursday and Friday. And the market (SPY) ) did well yesterday closing just slightly under the T-Line in the lower channel line. Unless this morning's futures completely fall apart we're likely to see a high over the T-Line and the lower channel line. Again today will be all about the close, a close today over the T-Line and the lower channel line will start to build some stability and confidence in investors to keep driving price higher. Keep in mine that we are coming from a gap down Doji-Bullish Engulf and gap up, this is a high probability candlestick chart pattern for a bullish rally.
Note that were not completely out of trouble yet as to exponential moving average is still lying below the T-Line and the T-Line is still lying below the 34 exponential moving average this puts us in a short-term downtrend as well as an intermediate downtrend.

Category:

Howto & Style

Tags:

• Candlestick Stock Trading
• Candlestick Pattern
• Doji
• Bullish Engulf
• Gap
• Hit and Run Candlesticks
• Rick Saddler