Business, Legal & Accounting Glossary
The bullish belt hold is a candlestick charting pattern that tends to signal the reversal of a downtrend. A single long white candlestick with no lower shadow and a small upper shadow (i.e. white closing Marubozu) characterizes the bullish belt hold pattern. The bullish belt hold occurs following a series of down days when the bullish belt hold candle gaps down to open at the low of the day, suggesting a continuation of the trend, then rises to close near the high. Short sellers closing out their positions contribute to the upward move that forms a bullish belt hold candle. The long body of the bullish belt hold candle implies increasing resistance to the prevailing trend. Traders believe the longer the bullish belt hold candle’s body, the more reliable the signal. However, traders also consider the reliability of the bullish belt hold to be low. Upward trading activity on subsequent days is required to confirm the reversal signalled by the bullish belt hold. The counterpart to the bullish belt hold is the bearish belt hold.
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This glossary post was last updated: 4th February, 2020 | 0 Views.