Daily Chart
A hammer at support of 1120.The long upper shadow which depicts selling at higher levels is ignored when the hammer appears after a strong downtrend.The fact that sellers were unable to send prices lower than the support at 1120 is given greater importance and thus the hammer at this juncture is considered bullish.With a pullback overdue a short term reversal may be in the offing. Longs to keep a strict stop at 1120.
follow me on twitter http://twitter.com/#!/lucksr
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
No comments:
Post a Comment