whats this WRB red candle with high volume in 60min(nifty fut) telling?
I mean is any buying going inside it,or just selling.
Now This WRB's high will become strong resis for upside isnt it?
Plz some one explain how to decipher it.
Arti,
Usually on a smaller time frame you will see many WRB with heavy volume. Not every bar means a down side from those levels. Let me explain this as a WRB has developed on hourly time frame now.
At present we are witnessing a WRB on hourly with volumes. However, this should not be perceived as a sign of weakness. On hourly time frame 5360- 5380 is a pivotal support (it is also a pivotal support on daily charts). Hence, if this level breaches, we would know that the current swing move is now in downward direction. Once this happens, one can review positions there. If there is no base building evident and indicators (if one uses) are also showing the same, then one can initiate shorts.
Tc