Who sold it there above open price - where Technically resistance is assumed to be converted in to support and why ?
There could be many TA reasons which can be attributed but unless and untill we have the exchange trade data - else all are just subjective assumptions.
Trend Down.
PDL - 8462.A major resistance.
So technically markets will turn bullish above this price level.
So bears didn't wanted the price to go above that level.
(People who believe in bull/bear theory).
Is it a crucial decision point/resistance where shorts from other Higher time (15m,30M,hourly etc) frame traders - No.
Is it a high volume reversal candle - no.The volume was less.
Is it a bull trap - all short - stop loss placed above open price which was till that point HOD.And fresh long orders placed assumption of reversal were absorbed.
And who sold there - Market Makers + others who were long from the BRN - 8400 - long liquidation and fresh shorts due to technical reasons like Intermediate RN.(8450 - levels),some other Moving average resistances 200EMA in 1Minute or 55EMA in 3 minutes or Oversold in stochastics..
There could be many TA reasons which can be attributed but unless and untill we have the exchange trade data - else all are just subjective assumptions.
Trend Down.
PDL - 8462.A major resistance.
So technically markets will turn bullish above this price level.
So bears didn't wanted the price to go above that level.
(People who believe in bull/bear theory).
Is it a crucial decision point/resistance where shorts from other Higher time (15m,30M,hourly etc) frame traders - No.
Is it a high volume reversal candle - no.The volume was less.
Is it a bull trap - all short - stop loss placed above open price which was till that point HOD.And fresh long orders placed assumption of reversal were absorbed.
And who sold there - Market Makers + others who were long from the BRN - 8400 - long liquidation and fresh shorts due to technical reasons like Intermediate RN.(8450 - levels),some other Moving average resistances 200EMA in 1Minute or 55EMA in 3 minutes or Oversold in stochastics..
Your thought process on this.Am I missing some thing here ?