Outside Bar Candlestick Pattern With Price Action Analysis For SPX500, Sunday 09/06/2019
As we can see on the 1W chart, the last week candle has ended as an outside bar candlestick pattern, that’s happened after the Federal Reserve announcement
About the chances for Interest reduction soon, that bullish outside bar candlestick indicates that the price is back to be bullish after almost 2 months of bearish momentum.
We can see that last week candle engulfed the 2 candles before,
At the 15M chart, we can see the two demand below, each one of them can be a great level to join the bullish momentum.
The demand below is a great level for buy position, if the price will break this demand it indicates the price on his way to reach the demand at the bottom,
It gives us an opportunity to look for a sell position for short term between the demands, and to buy again at the demand at the bottom as a long term position.