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One of the most effective way of reading charts is through the Japanese candle stick patterns. This is improved version of chart patterns compared to the bar chart or line chart.
The candle stick looks like this:
If you look at the candlestick, you will be able to see white candle, you can see that market was bullish for the day. It opened low and closed high. The wicks show low and high for the day.
The Black candle signifies that market was bearish for the day. It opened high and closed low. The wicks show low and high for the day.
There are many patterns which have been discovered and the candle sticks helps us to study the market behavior. Using candle stick patterns is one of the important study that has to be done for technical analysis.
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