Gravestone Doji on PX

Did PX just lost steam after the rally last Friday? The candlestick today is what we called a Gravestone Doji. This is a bearish signal especially if it show up after the rally. Bulls were in control during the uptrend but now a change is implied by the appearance of a Gravestone Doji which shows that the bulls and the bears are in equilibrium. The upward energy is dissipating. But we need to see a confirmation tomorrow since this reversal pattern is not strong. If support will hold at 78.6% Fibonacci Retracement level then there is a chance PX will continue to move up. The gap up created at the opening today is also a threat. Monitor tomorrows candlestick to be able to have a sound decision.

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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