candlestick has long upper and lower shadows with the Doji in the middle of the day's trading range, clearly reflecting the indecision of traders.
On the day of the Doji pattern, the market moves both upward and downward, but cannot commit either way. After a long uptrend, this indecision could be viewed as a time to exit one's position, or at least tighten stops. Reducing one's position size or exiting completely could be an intelligent move.
It is important to emphasize that the Doji pattern does not mean reversal, it means indecision. Doji's are often found during periods of resting after a significant move higher or lower; the market, after resting, then continues on its way. Nevertheless, a Doji pattern is a great sign that a prior trend is losing its strength, and taking some profits might be prudent.
We have retraced more than 50% of fall from January 2008 highs and into the 11th week of the rally. This strengthens the above view of call for prudence.
Resistance and supports are marked on the charts.
Happy Trading !!