The long red candle indicates an overbought market. Despite the good economic results no new highs could be reached and the week showed beginning profit taking. Most of the market participiants are long and convonced of the good results. They are right and many of them are sitting on good profits. The more profit taking will come in here they will be thinking of taking an increasing part of their profit.
f this is true the chart picture will show a double top and a beginning bear market in the shorter time frame.
f this is true the chart picture will show a double top and a beginning bear market in the shorter time frame.
Trade closed: stop reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.