Nifty spot made a long legged Doji today on EOD charts. Simply worded, a doji would mean that the bears were strong enough to pull down the market on intraday, but the bulls were stronger to not let the bears win over them, and close higher than the open, though narrowly.
Had this Doji been formed at the bottom of the charts, it would be of higher significance. But in the middle of a rally, I doubt it holds as much importance as the candlestick pattern deserves.
However, on the positive front, MacdH has shown signs of exhaustion, but not weakness. So far, I believe, Nifty is still on a healthy way and very much in uptrend.
I rest my views here... Happy Trading !!
Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.
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