Wow! Another candlestick pattern that doesn't occur often and is opposite the Dragonfly Doji.
Today's trading pattern is called a Gravestone Doji.
stockcharts.com[l,a]dhclyymy[pb50!b200!d20,2!f][vc60][iut!Ub14!Ua12,26,9!Lk14!Ll14!Lc20!Lh14,3!Lw25]
This pattern occurs when the opening and closing price are near the low of the day. If the upper shadow is quite long, and this one is, it is very bearish. This stock failed to rally and the bears now have the advantage. Since this pattern occurred near the top of a trend, the indication is this stock is coming down. (Perhaps a good short?)
The MACD indicator is looking like it's preparing to cross the 9 day EMA line, to the downside, and this is a sell signal. The Slow Stochastics have already crossed down from the overbought range, supporting the sell signal.
I've searched for weeks for these two Doji's I've mentioned. It's odd to see them both on the same day.
I know nothing about this company, it's the technical analysis I'm interested in for short term trading. We'll see how this one plays out.
Back to the grunt work,
dabum |
