RE: Candlestick Analysis.24 Feb 2021 10:41
Trader258,
I know it’s hilarious. Boo dropped yesterday some more, was oversold, found some support and the selling stopped and then the Nasdaq had a 3% turnaround yesterday because of J Powell’s comments and this is being seen here today with Boo (I mentioned this in a post last night)
But no it’s because of a hammer buy sign. Peoplepower is the same with Mcklondon, guy who says we’ve broken out of the triangle he keeps going on about then we haven’t, “was a fake out” he says, then yesterday because Bank of America said there will be a 10% correction at some point somewhere in the future that was what was going on yesterday “buckle up he said”. Now haven’t every other bank every other month said there’s going to be a correction somewhere at some point in the future.
Yes given how overvalued US tech stocks area right now it’s highly likely a good old correction is due but it seems not right now and not whilst the Fed are still dovish and are the backstop. Only took a few words from J Powell for the market to do a complete u turn. Don’t like what the Fed are doing one bit and think it will have huge consequences down the line but just not right now. Good luck all and dyor