Etn daily chart (zoomed in) 12.01.26.

Good morning! I thought I would zoom in a bit on this chart. You can see the candles have found support for 5 days on what was previous resistance and now breaking away from that support line. But what I'd really like to discuss today is wicks (and candles). Anatomy of a candle:

Green candle. Bottom of the candle body = opening price. Top of the candle body = closing price. Top of the upper wick = highest price. Bottom of the lower wick = lowest price. (sorry if I'm teaching fish to swim here!)

Red Candle. Bottom of the candle body = closing price. Top of the candle body = opening price. Wicks are the same.

Chatgpt's take on the above chart with the meaning of the wicks: "Longer wicks on the bottom: Sellers tried to push the price down further. Buyers stepped in aggressively which shows there is demand at those prices.

Longer upper wicks: Rallies are getting sold into. Some traders are happy to unload into strength but market has not fully flipped bullish....yet. So we're in a compression zone. Notice how wicks are appearing on both sides recently? That usually means volitility is being stored. Big players are testing liquidity and a directional move will happen when one side gives up. Wicks are basically saying downside is getting weaker, upside is contested....something is about to give."   

So it looks like we are still having a battle between the bears and the bulls....for now. Have a grest day! 😀