Hector Deville's Best Advanced MT4 Indicator
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On Neck
The Psychology
The On Neck pattern is a more severe relative of the In Neck pattern because it fails to rally as much intraday. A gap down is seen as a buying and short covering opportunity, but failure to rally the stock up into the previous day's range indicates the buying most likely will be brief and the downtrend will resume.
Identification
A long black day is followed by a long white day that gaps down at the open and closes below the close of the black day.
Pattern: continuation
Reliability: moderate