I have seen this again and again………..and again….and again……Not only in Dhaka Stock Exchange,but also in other exchanges including Forex market,which is dominated by Technical Analysis!
PINBAR!
Pinbar at the top seems to have a high rate of success. After the Pinbar appears,we can expect some falling days,indicision days later. It is crazy how many times Pinbar weakened the Index of DSE. Pinbar has been so important in my own trading that I have added it to my trading strategies!
In the latest move of DSE,a Pinbar appeared on 17/08/2020! This weakened the DSE because of which we saw indecision and falling days in DSE later.
Today,too,another PinBar appeared showing that Index is rejecting the 5000 price level again. Very interesting…..Though,today’s Pinbar is somewhat bullish.
Why are sellers so active and buyers so nervous at this level is not clear to me. But it is clear that market is having a hard time to penetrate 5000!
Looks like,Market needs more time and force(from buyers’s side) to breakout from the 4900 to 5000 zone!
Let’s hope it does in coming days. I hate October month. I don’t usually trade in October! I am desperately wanting the index to go above 5000 before October comes!! 🙂
But my “GP and BRAC” are doing well so far. So,I am not very concerned about Index at the moment…..
mrtq13 