Don't Ignore This Chart!

A lot of fill black candlesticks

Looking through the pre-defined scans page, it was surprising to see a high number of filled black candlesticks on Thursday. These candlesticks form when the close is below the open and the close is above the prior close. Even though the stock closed up for the day, the stock moved down after the open and buying pressure was limited to the open.

100611ditc Click this image for details
Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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