Candle formation for Nifty on 20-07-2012 – Small red candle formation
containing a small real body, small upper shadow and a long lower shadow. This
indicates the trend is weak. However we need a confirmation on Monday. With the
strength of the white candle on Thursday market appeared to have reversed to
upwards. However need confirmation in the daily candle with a hollow candle
today.
Heikin Ashi candles on hourly chart – Friday morning market
had formed long red candles with no upper shadow. However towards the afternoon
market started forming small real bodies and the shadow also started
diminishing. We need to observe Monday morning candles carefully to confirm the
trend continuation or reversal.
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