Gravestone Doji on DD

DD is showing a bearish signal today via the Gravestone Doji. According to investopedia, “Gravestone Doji is a type of candlestick pattern that is formed when the opening and closing price of the underlying asset are equal and occur at the low of the day. The long upper shadow suggests that the day’s buying buying pressure was countered by the sellers and that the forces of supply and demand are nearing a balance. This pattern is commonly used to suggest that the direction of the trend maybe be nearing a major turning point.”

But this needs to be confirmed tomorrow via a gap down or a long red candlestick. Absence of such means DD will continue to move up. Ichimoku elements are still in a bullish setup but in case we will see a correction, our support after 10 per share is 8.94 or the 23.6% Fibonacci Retracement level.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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