Price is still inside the rectangle top. The bottom trendline is support until broken.
Sometimes candles can tell a story and FTNT has had it's fair share of ominous candles. Most do not use candles by themselves but confirm with other indicators.
Dark Cloud Cover consists of a green candle that is followed by a red candle that towers and closes above the green candle. This was almost an engulfing candle that swallowed the green candle body but not quite. A red candle opens at the top and closes at the bottom of the candle body (excluding wicks and shadows) and vice versa for a green candle. So in the Dark Cloud Cover pattern, price opens above the green candle close and the bulls are unable to maintain the open and the red candle closes at least half way down, or more on in to prior green candle body. This shows weakness for the bulls and is often a bad sign for the bulls. I have found this candle pattern to be more reliable than most close to the top and often indicates at least a short term reversal.
Price has been unable to penetrate the level of resistance the long candle wicks created. Long wicks can point to a resistance level and long shadows can point to support.
Long candle wicks at the top get my attention if I am long. Several bad candles can tell you a lot about the psychology of the market concerning a particular security.
No recommendation.
It seems cybersecurity has held on longer than the rest of the tech sector.
This pattern is neutral for now.
Sometimes candles can tell a story and FTNT has had it's fair share of ominous candles. Most do not use candles by themselves but confirm with other indicators.
Dark Cloud Cover consists of a green candle that is followed by a red candle that towers and closes above the green candle. This was almost an engulfing candle that swallowed the green candle body but not quite. A red candle opens at the top and closes at the bottom of the candle body (excluding wicks and shadows) and vice versa for a green candle. So in the Dark Cloud Cover pattern, price opens above the green candle close and the bulls are unable to maintain the open and the red candle closes at least half way down, or more on in to prior green candle body. This shows weakness for the bulls and is often a bad sign for the bulls. I have found this candle pattern to be more reliable than most close to the top and often indicates at least a short term reversal.
Price has been unable to penetrate the level of resistance the long candle wicks created. Long wicks can point to a resistance level and long shadows can point to support.
Long candle wicks at the top get my attention if I am long. Several bad candles can tell you a lot about the psychology of the market concerning a particular security.
No recommendation.
It seems cybersecurity has held on longer than the rest of the tech sector.
This pattern is neutral for now.
Comment:
I continue to occasionally tap myself on the shoulder and remind myself that I am not sailing on the Titanic )o: I am 100% cash except for a few shorts and I hope that the guy navigating this ship will steer clear of that iceberg ahead.