Candlestick Charting Explained Workbook: Step-By-Step Exercises and Tests to Help You Master Candlestick Charting by Gregory Morris

Author:Gregory Morris [Morris, Gregory]
Language: eng
Format: epub
Tags: Business, Economics, Investing, Non-Fiction, Personal Finance
ISBN: 9780071746465
Google: uHzWEpWiXn4C
Publisher: McGraw Hill Professional
Published: 2011-12-30T00:00:00+00:00

Figure 4-8 Thrusting Lines.

The bearish Thrusting Line begins with a black day formed in a downtrend. The second day is white and opens considerably lower than the low of the first day. The second day closes well into the body of the first day but not above the midpoint.

Much like the bearish On-Neck Line and the bearish In-Neck Line patterns, the bearish Thrusting Line represents a failure to rally in a down market. Because of this failure, the bulls will be discouraged, and a lack of buying will allow the downtrend to continue. The daily chart of Celgene Corp. (CELG; Figure 4.9) shows an example of a bearish Thrusting Line.

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