This is a reversal of the price action on the previous hour, in which price moved down.
Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
As for how volume fared, yesterday’s volume was up 81.05% from the previous day (wednesday), and up 103.75% from thursday of the week before.
The change in price came along side change in volume that was up 11.33% from previous day, but down 2.43% from the thursday of last week.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
The price move occurred on stronger volume; specifically, yesterday’s volume was up 25.77% from the day prior, and up 16.78% from the same day the week before.
The price move occurred on volume that was down 14.16% from the day prior, but up 30.23% from the same day the week before.
For another vantage point, consider that cisco systems inc’s price has gone up 9 of the previous 14 trading days.
2 Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on intc.
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