Here's is an account of lessons from the price action of a telecom stock called Bharti Artl. Please refer 5-minute chart of the same below. Price opened Gap down with a bearish candle that took support near previous day low. The support zone is marked by the horizontal box.
Price attempted to go higher in the first hour. But a stiff resistance just below pivot 'p' stopped bulls from taking price higher. A double top also formed in the process. RSI was almost near the ceiling of bearish region. Price started to fall throughout the day.
I have marked an area of interest with circle. There is a
confluence of pivots 'S1' and ''s1'. I expected some bounce back from this
zone. But the area was filled with small body candles whenever price attempted
to rise and strong candles whenever price fell. RSI though near the floor of
bullish region, was only making sideways waves. Later, price smashed all the
stops of novices who thought price would bounce back.