While there are still a few hours from today's daily candle to close, if it closes up here in this price range (163-165), it will be quite bullish. Nulls pinbars that form off of support with long lower wicks, narrows real bodies, and small upper wicks can produce very strong moves. I would personally deem a daily close above 165 as a strong bullish signal, as a close above that level would put price right above support into the end of the trading session.
I have been mostly neutral on the market for the past few days, but the market is finally showing its hand. Keep in mind this pinbar is sitting right on the neckleck of a head-and-shoulders reversal pattern. If the pin bar fails and the H&S succeeds, I would expect the selloff to be very large and swift. Plan your trades accordingly.
I have been mostly neutral on the market for the past few days, but the market is finally showing its hand. Keep in mind this pinbar is sitting right on the neckleck of a head-and-shoulders reversal pattern. If the pin bar fails and the H&S succeeds, I would expect the selloff to be very large and swift. Plan your trades accordingly.
הערה:
Closed below the H&S neckline. Definitely weakens the potential of this candle, although still has a more bullish bias than not.
