Tuesday, 14 December 2021

Strong Price Action [14 - 12 - 2021]

Here's an account of a strong price action move in Auropharma stock. Please refer the 5-minute chart below. The stock opened with a strong bullish candle and steadily zoomed to meet recent supply zone marked in the red horizontal box near '714' area.

One of the reasons price moved zoomed higher is the fact that the price was bouncing off a confluence area formed by two weekly pivots '-R1' and 'P'. On the other side the '714' area too pushed price down. Price stalled near 700 area marked by small horizontal box. A pullback-long opportunity manifested late in the session where RSI too was flickering bullish signals.