TIME TECHNO UPDATE.
Time techno closed this week at 158, with a bullish weekly candle. Previously we saw a big bullish weekly candle closing on 15 Sep 2023 (with open at 144.80, low at 138.60 high at 161, and close at 156.85.) Post this bullish candle on 15 Sep 2023, we had 3 weekly smallish bearish candles whose bodies are contained within the body of the bullish candle. And since last 2 weeks, we had bullish candles, which has led to a close this week at 158.15.
A candle stick pattern known as rising 3 method has a big bullish candle followed by 3-4 smallish bearish candles and this is followed by a big bull candle which closes above high of the first bullish candle. Description of that pattern on googling is as follows.
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The first bar of the pattern is a bullish candlestick with a large real body within a well-defined uptrend.
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Subsequent candlesticks, normally three consecutive bearish small-bodied candlesticks that trade above the low and below the high of the first candlestick.
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The last bar is another bullish candlestick with a large real body that breaches the high and closes above the high and close established with the first candlestick, which suggests the bulls are back in control of the security’s direction.
Shape of the whole pattern assumes the letter N. In the classical rising three method, the final candle is a single large bullish candle which covers the bodies of all previous 4 candles. Here in case of time techno weekly candlesticks, there are two back to back bullish candles which cover bodies of previous 4 candles. But shape of N is visible. Key resistance zone remains 160-164. Closing and staying above that level will ensure resumption of the uptrend. (disc: invested as disclosed before. not a recommendation)
