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Definition:
Bearish In Neck Pattern is characterized by a white candlestick that has a closing price slightly above the previous black candlestick’s low during a downtrend. If the white candlestick’s low is broken down, the downtrend continues. Recognition Criteria: 1. Market is characterized by downtrend. The Bearish In Neck Pattern is an undeveloped version of the Bullish Piercing Line Pattern with a much lower close. The white body on second day closes near the close of the previous black day, at the lower part of the body. The actual definition requires a closing price just inside the previous day's body and slightly above its close. So it is a higher close than the Bearish On Neck Pattern, but not much. Important Factors: The white candlestick of the Bearish In Neck Pattern must be small. Confirmation is required on third day in the form of a black
candlestick, a gap down or a lower close. |