Yesterday Banknifty opened gap up @10286.80 i.e. above Agni level and JBNSAR for the day. During the day posted weekly chart and suggested that strength will be above 10440 only and it showed it power and made high of 10526.55.
In weekly chart Banknifty has made Long Lower shedow candle twice which is interpreted as a bullish signal but it also requires follow up confirmation.
In weekly chart Banknifty has made Long Lower shedow candle twice which is interpreted as a bullish signal but it also requires follow up confirmation.
(weekly chart)
candlesticks with long lower shadows
A candlestick (black or white) where its lower shadow is two-thirds or more of the total candle’s range.
It indicate that sellers dominated during the session and drove prices lower. However, buyers later resurfaced to bid prices higher by the end of the session and the strong close created a long lower shadow. That is rejection of lower prices and is therefore seen as a bullish signal.
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