DKNG has broken long entry level then pulled back, experiencing a throwback.
Support can be found at mid cup and handle low. Some use the last pivot low.
4 dojis and 1 spinning top on the handle. There is another doji beneath the handle and a couple of spinning tops. Doji candlesticks and spinning tops are abundant in the market and can be as plentiful as weeds in a garden. Sometimes best to look at several candles in a row verses focusing on one candle to get an idea of market sentiment. A true doji has no body to the candle and is just a straight line where close and open are equal. (+) There are numerous types of dojis, gravestone, dragonfly, long legged dojis etc. I would say the first 2 are true dojis and the second 2 are spinning tops because they have a small body. Spinning tops can represent indecision. The 2 spinning tops are followed by a fairly strong red candle that "engulf" the bodies of the 2 preceding candles, then a fairly strong green candle that opens and closes within the body of the preceding candle which some would call a bullish Harami. There are some fantastic books on candles and a lot of information online as well.
Candle shadows (or wicks fr top shadows and tails for bottom shadows) can be important areas of support and resistance. If you see 3 tall wicks on candles very close together that reach the same (or close to the same) level, there is a good chance there is resistance there and price is struggling to break through it. Same with 2 or 3 tails that end at close to the same level can indicate support is lurking at that area. S and R levels were made to be broken or the market would be ranging all the time. There are some levels that are stronger than others. IE..an IPO, a new stock has not had a chance to form these levels and can be very difficult to trade. I discovered this the hard way )O:
Bullish candle patterns work best in an uptrend or at the bottom of a downtrend serving as a reversal signal and bearish candlestick formations often work best in a downtrend or at the top of an uptrend serving as a possible term reversal signal. Reversal does not usually mean a total trend change and could only be a reversal up or down for a few days. In other words, candles do have meaning, but the trend they appear in and the total picture of price is important.
Not a recommendation
Support can be found at mid cup and handle low. Some use the last pivot low.
4 dojis and 1 spinning top on the handle. There is another doji beneath the handle and a couple of spinning tops. Doji candlesticks and spinning tops are abundant in the market and can be as plentiful as weeds in a garden. Sometimes best to look at several candles in a row verses focusing on one candle to get an idea of market sentiment. A true doji has no body to the candle and is just a straight line where close and open are equal. (+) There are numerous types of dojis, gravestone, dragonfly, long legged dojis etc. I would say the first 2 are true dojis and the second 2 are spinning tops because they have a small body. Spinning tops can represent indecision. The 2 spinning tops are followed by a fairly strong red candle that "engulf" the bodies of the 2 preceding candles, then a fairly strong green candle that opens and closes within the body of the preceding candle which some would call a bullish Harami. There are some fantastic books on candles and a lot of information online as well.
Candle shadows (or wicks fr top shadows and tails for bottom shadows) can be important areas of support and resistance. If you see 3 tall wicks on candles very close together that reach the same (or close to the same) level, there is a good chance there is resistance there and price is struggling to break through it. Same with 2 or 3 tails that end at close to the same level can indicate support is lurking at that area. S and R levels were made to be broken or the market would be ranging all the time. There are some levels that are stronger than others. IE..an IPO, a new stock has not had a chance to form these levels and can be very difficult to trade. I discovered this the hard way )O:
Bullish candle patterns work best in an uptrend or at the bottom of a downtrend serving as a reversal signal and bearish candlestick formations often work best in a downtrend or at the top of an uptrend serving as a possible term reversal signal. Reversal does not usually mean a total trend change and could only be a reversal up or down for a few days. In other words, candles do have meaning, but the trend they appear in and the total picture of price is important.
Not a recommendation
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.
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.