NI - reversing?



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NI = 18.5 (5.7%)

NI formed a white candle with lower low and lower high. Might be bullish.

NI might be forming a reversal pattern: piercing pattern, which would reverse the current downtrend to either a sideways (more likely, given the volume) or uptrend.

If this is indeed a piercing patter the low would be the bottom of the downtrend.

This reversal pattern would be verified if NI forms higher lows and higher highs for the following trading days.

Support: 17, 16
Resistance:18.5, 19-19.75 (previous gap down)

Good luck to all NI traders!
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Comments

Anonymous said…
i don't seem to get this statement:
"white candle with lower low and lower high might be bullish"

can u further clarify?
ninodal said…
Thank you for the comment and the desire for clarification :)

These are two sentences :)

The first sentence captures the move of NI for the trading day :) it formed a white candle with lower low and lower high :)

The second sentence captures what i think / feel the stock is doing based on the candlestick formation :)

I try to capture everything that i feel is pertinent information in the first paragraph. The following paragraphs tries to establish a basis for why I believe the things that I comment about on the first paragraph :)

If you read further along you would note that the following paragraph describes a reversal formation, which forms the basis for what I believe might be a bullish consequence from the candlestick formation :)

I hope this clarifies you query :)

Again thank you for the comment and I hope you can post more comments!

More power to you!

Feel free to probe :) I welcome your questions :)

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