Buy and Sell Signals, and Other Market Perspectives Message Board

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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

SPY 659.00

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Nov 21 4:00 PM EST

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To: KingHigh who wrote (16814)	4/5/2011 6:25:55 PM
From: GROUND ZERO™	Read Replies (2) of 219202

I checked it out... today a White Closing Marubozu was formed in silver. The White Closing Marubozu is a single candlestick pattern characterized by a long white body with a shadow on the open and but no shadow on the closing end of the body. This candlestick shows that the day opened and then prices went lower slightly, however it was followed by a rally that drove the prices over the opening price and the rally continued all day ending with a closing price equal to the high of the day. Hence the bulls were very strong during the day except the initial phase of the session. The bull strength caused some concern among the bears leading them to cover their short positions thus adding fuel to the rally. What a White Closing Marubozu says about the future course of the prices depends a lot on the general picture just as in the case of White Marubozu. White Closing Marubozu can possibly be the first part of a bullish continuation pattern or it may also be interpreted as a bearish reversal candlestick pattern depending on the preceding day's candlesticks. The White Closing Marubozu is a single candlestick pattern with low reliability. It only reflects one day's trading and it may show the continuation of the trend but it may also indicate reversal. It needs to be used with other candlesticks for a better and healthier judgment about the status of the trend. candlesticker.com GZ

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