Piercing Line on ORE

Today we are looking at a bullish candlestick pattern via the Piercing Line. This stock moves in a downtrend. The first red body reinforces this view. The next day the market opens lower via a gap, showing that the bearishness still persists. After this very bearish open, bulls decide to take the lead. The market surges toward the close, prices start to go up resulting in a close way above the previous day’s close. Now the bears are losing their confidence.

This happened at the support line so there is a big chance it will bounce. Immediate resistance is at 1.64 while support is at 1.48 in case it will turn sour.

RSI or Relative Strength Index is at 39 and is now pointing upwards.

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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