The overhang from the earlier “record-volume candle with a long upper shadow” is becoming apparent:
The candlestick on the left, which surged toward 1255, is a classic sign of “heavy volume at highs with little price progress” or “a market top on record volume.”
A top of this magnitude usually requires an extremely long period of sideways trading to be absorbed. With the moving-average system now turning decisively bearish, any rebound toward 1025 (MA7) is likely to face immense selling pressure. $MU
The candlestick on the left, which surged toward 1255, is a classic sign of “heavy volume at highs with little price progress” or “a market top on record volume.”
A top of this magnitude usually requires an extremely long period of sideways trading to be absorbed. With the moving-average system now turning decisively bearish, any rebound toward 1025 (MA7) is likely to face immense selling pressure. $MU