What make you say that. this is a weak signal that indicates that there could be a reversal but it needs confirmation the proceeding couple of days of holding above. Otherwise it will continue.
This is very important to prevent a breach of the uptrend support. It is 3.4 today and 3.5 tommorrow. So if the uptrend support holds confrms this should play out. However i repeat this confirmation needs to occur as if it breaches the trend the SP is in trouble. The motto is always to better sacrifice a few pips for certainty.
Gravestone Doji Market Psychology in a downtrend
Any Doji candle by definition has the close at or near the close price. Gravestone Dojis have a high wick reflecting a rally during the days trading. Candlestick traders will watch the following day to see if buyers are able to take control of the market trend. When day-threes price holds above the Greavestone Doji, it suggests that short positions may cover their exposure, closing out their sell positions and leading to the weakening of the bear market. Many bottom pickers will start buying once that occurs, leading to a bullish reversal. Confirmation for the Gravestone Doji pattern is strongly suggested for this pattern.
ADV Price at posting:
3.5¢ Sentiment: Hold Disclosure: Held
