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Magic of reversal candlestick patternBack

MCX Copper June contract closed at 356.95 changed by 1.24% down from Friday closing price. On Friday Copper headed a new low at 353.85 and then formed a hammer candlestick pattern* at the bottom. Today support will be at 353.85, if sustained move below this level will bring more weakness in this metal and then this metal will fall towards 351-347 and more down side. In the upper side Resistance is now seen near 359, if sustained move above that level will bring more charm and then we will see this commodity heading towards 364-368 and more upside.

Daily trading range for the day is expected among the key support at 353.5 and resistance at 359.

Recommendation:

  • Avoid shorting this counter try to buy in dips or above the resistance area.

NOTE: This blog is especially written for the reversal candlestick pattern that is HAMMER. Hammer is a reversal candlestick pattern, which will give us a reversal possible in the market. Always remember this candle should form at the bottom of the market. You can buy on next candle if price will sustain above the closing price. There are so many reversal candlestick patterns which will help you to find out the top or the bottom of the market. Candlestick pattern speak everything if you know the language of candlestick formation you will earn from the market. So friends, Learn first before trading, it will help you.

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Posted on: 09-May-2017 | Posted by: NIFM | Comment('0')
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