Maybe I am wrong, but I look at this price action in this way:
- On 26 Oct it made the bottom of the base, by giving a shake out and started the right-side journey.
- Between 31 Oct to 3 Nov, it made series of inside bars with very less volumes, as if institutions were absorbing the supplies left in the system.
- On 6 and 7 November (follow through day), on good volumes. On 7th the volume exceeded the one on 6th Nov.
- On these days it crossed its 10 20 and 50 dma.
- On 8 and 9th Nov it again made inside bars (however on the back of medium volume), but the selling was not able to break the low of 7th Nov.
My only point and observation is the action of bulls on 6 and 7. And the reaction of bears to this action on 8 and 9, shows that strong hands entered this stock on 6 and 7 Nov and if these are strong hand, then they will fight hard and make sure that the levels of 6 and 7 Nov are not breached.
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