Candlesticks For Support And Resistance
 
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Even as you read this, the candlestick charting technique, with its origins in Japan, is being absorbed into the ways of Western technical analysis. Here’s how candlestick charting can be used for a typically Western technical analysis strategy.

 

A candlestick is composed of two features. The real body is a rectangle encompassing the area. between the open and close and is what gives candlestick graphs their distinctive appearance. The real bodies are blacked in if the open is above the close and white if the close is above the open.
 
An example of real-body resistance levels can be seen when the real-body high from the first day provides the initial resistance point. Note how the second day’s action takes prices above that resistance, even to a new high, but the market ends lower on the day. The situation is similar after the fourth day. Twice the market rallies above real-body resistance, only to fall back. Real-body support levels would work in a similar, but opposite, manner.

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