22 Dec, 2021
Long Tail
A ‘long tail’ means the low for the day was well below the close. In other words, the market opened, sellers took over and pushed the index down, but then buyers came back in and ran the index back up to where it opened. The buyers had the last say on the day and showed a lot of strength moving up. That tends to show a reversal in the buying patterns and foretells a further rise from here for the short term.