For those interested in technical analysis an interesting and not often seen pattern has emerged on the day chart of BLY today. The formation of an inside day pattern today could open up a nice day trading opportunity for those willing to take a punt. An inside day is where todays high and low price fall between yesterdays high and low price. When these occur we often see a change in sentiment one way or the other. The trick is to watch which way the following days price breaks in relation to yesterday high or low. A move below yesterdays low could give an opportunity to sell and buy at a cheaper price and conversely a break above yesterdays high is an opportunity to pick up more shares.
I tend to think that we may see tomorrows price move below yesterdays low in an effort to close the gap created.
Just my opinion and the next day or so will show if this works or not.
If in doubt paper trade.
Cheers
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interesting trading pattern
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