Trader's Logbook

The White Opening Marubozu candlestick that appeared last Friday suggests that bulls have been awaken from a deep sleep for few weeks. Price was moving sideways this White Opening Marubozu could be a signal for a change of trend. This type of pattern when could mean a bearish reversal pattern if price was in a downtrend, otherwise it could be interpreted as a start of a bull run. Although I look at it as a bullish pattern at this stage, because it has a low reliability, we need to see the next candlestick to have a better judgement about the state of the trend.

We can also see that we have a thicker area of resistance trying to stop the bulls from moving forward at around 14 – 14.44 If bulls will be able to break that resistance, 15 should be just an easy task.

Caveat!