One of the classic candle line examples has been seen in security. The stock is trading near its all time high, on 20th August, 2021 the stock made its 52 weeks high and on an intraday basis we saw selling pressure coming  in the security from the higher level. The next day the stock opened near the previous close and on an intraday basis the stock went down and closed near the high. The next day the stock opens gap down and closes at the low of the candle indicating that the sellers are not willing to surrender at a higher level. 

The Next day the stock made a high wave candle indicating confusion between the buyers and sellers. Today the stock has an open gap down and intraday the stock went down to make a low which was not sustained and buying pressure was seen. 

The EMA's has flatterend indicating consolidation ahead. 

MACD crossover has seen at higher levels and is expected to move near 0. 

We'll wait for the security to close below 3.48 for 2 consecutive days. If this happens we will short the security and will expect security to trade near its support zone.

Selling Opportunity

Aug 26 2021

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