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nauticustrading
@nauticustrading
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🐉The Dragonfly Doji🐉 🔎What happened to $EOLS ? The last couple of days I have been posting about the reversal for $EOLS . I was hoping it would occur near the 200 day simple moving average (SMA), but it had since continued to decline. Recently, Evolus, Inc broke out of its negative channel below the 200 SMA. Since then, the chart has rounded out and has begun to move upwards. It met its first major #resistance and today it successfully closed above that level at $8.09. 🔎What’s going on today? **I’ll preface this next bit of information with notice that I typically don’t use candlesticks to indicate movement, however, I make exceptions for major candlesticks (doji, engulfing, etc).** If we zoom out to the daily chart, we can see the creation of the “dragonfly doji”. A dragonfly #doji is considered a signal of a potential reversal in the security price. It occurs when the open, close, and high prices of a security are virtually the same. Thus, a dragonfly doji is T-shaped and in rare cases may not even have an upper tail, but only a long lower tail. 🔎What’s the significance? Accompanied by a decrease in overall #volume (weakening the negative trend and entering consolidation) the dragonfly doji can be used as a potential indicator for reversal of the chart. Since the dragonfly doji occurred after the negative trend, a positive trend should theoretically be expected in the near term. 🔎What’s next? Since this is not a “perfect” dragonfly doji (price of open/close the same) and volume was relatively lower, we need confirmation of this candlestick by seeing the next days price movement. If $EOLS can continue to trend upwards tomorrow and into next week, we can assume the bullish reversal is the new trend. #potential #learningandearning #futureinvestments
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