Here's a case study of Bharti Artl scrip. Below is the 5-minute chart of Bharti scrip. The open candle is marked in the chart. Price opened above weekly pivot 'R2' and previous day High. It was a Gap up opening.
Blowing up the charts during such special opening definitely offer trade opportunities. In the 2-minute chart not shown here a beautiful opportunity could be tracked. Anyway, price zoomed for the first half an hour.
Though price pierced 'r2' pivot, it found stiff resistance there. Price started to retrace back. Repeated attempts of bulls to take price higher can be tracked by candles with long down wicks.
By the time first selling opportunity price had come, price had already bulldozed those large wicks and a retracing price action to 'r2' was the entry point. At this point RSI was finding resistance at the bearish region ceiling 60. First down red arrow is marked on the RSI chart. Also, positive reversal width is huge. Base line of PR was also taken off.
Price slid down nicely. The second opportunity is little tricky. Once first fall had come, price retraced and moved sideways around 'r1' pivot. I have drawn a horizontal box which shows support metamorphosed resistance. RSI found itself near mid-50 level. After the confirmation candle to Doji took price below 'r1', one could sell.
By the end of the day, price filled the opening gap as well.