The pinbar candlesticks indicates rejection of prices on high levels and also indicates selling pressure at resistance levels. In the above chart, 1380 -1350 acting as resistance zone where we can see rejection of prices due to high selling pressure. The prices may go down to the previous 52 Week high levels to regain buyers in the momentum and also confirmed it as a new support levels.
It is also worth to note that the previous high levels where our target is placed is at 61.8 retracement levels that also indicates the importance of the said levels
It is also worth to note that the previous high levels where our target is placed is at 61.8 retracement levels that also indicates the importance of the said levels
