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Aug 24, 2011, 11.02 AM IST
Piercing Line It is a bullish reversal pattern. It occurs in a downtrend and is comprised of two candlesticks.
Strategy: Traders should wait for the high of the first candlestick to be exceeded prior to taking a long position. Stoploss can be placed below the low of the first candlestick. The more the second candle closes above the mid-point of the first candlestick, the greater the odds of a successful pattern. The potential buyers start thinking that new lows may not hold and perhaps it is time to take long positions.
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