Bullish Pin bar pattern and the effect of this candle
what is pin bar pattern?
A pin bar is a single candlestick pattern and the trader can identify by its long shadow with a small body. The shadow of the pin bar should be longer than the body.
How to trade on pin bars?
Pin bar pattern is easy to identify and when taken within the larger context of trading and provide great insights to the trader. Pin bars are best traded with an existing trading system or based on price action strategies such as trend lines, horizontal support/resistance levels or channels and Fib levels.
MCX Lead August contract closed at 109.40 changed by 30 paise.
On Monday MCX Lead closed with a bullish pin bar pattern which is indicating a recovery possible in the market.
Today strong support will be at 107 the failure of this levels then the next supportive level will be 106-105.50.
IN the upper side Resistance is around 110.70 if sustained above this level then we can see a recovery for upside level for target 111.50-113 and more upside.
The lead trading range for the day is expected among the key support at 107 and resistance at 110.7.
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