The 3 days showing a Doji candle I feel have been orchestrated (IMO) and 2 are sitting on the bottom trend line - so not really a top reversal sign, plus the power of them as a group is greatly diminished I believe, it is the lone one on top of the hill with a gap that says - warning. I have tried to find a similar chart of LYC to see if the multiple Doji days have any real effect and this is all I came up with.
Dated july 2010 and has a similar up tend. Couldn't find a 3 cluster as we have now.
The first high Doji (June 18/19)(could also class as hang man) had a kick but the lower ones didn't really cause anything dramatic.
I agree with all your other observations but see that as the pressure of the ascending triangle with the price being squeezed to the resistance line.
The current chart...
When the market shows this much balance -price, following the bullish channel and the ascending triangle …
The result is usually a bullish candle.
Yes it can go either way. But I'm seeing more green than red so I'm backing the Bulls.
The next few days will tell. (could squeeze another small candle in tomorrow just to add to the pressure)
Just have to wait for confirmation now.
Cheers
IMO
LYC chart, page-40
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Last
$6.92 |
Change
-0.020(0.29%) |
Mkt cap ! $6.468B | |||
| Open | High | Low | Value | Volume |
| $6.95 | $6.97 | $6.87 | $16.72M | 2.418M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 5820 | $6.92 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.93 | 15020 | 3 |
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| Last trade - 16.10pm 13/09/2024 (20 minute delay) ? |
| LYC (ASX) Chart |