CNX500
price range analysis within the stage region between 14300-15300
1) in the first part, sellers are clearly winning, clear range expansion on downside, extremely bearish closing, range of candles on upside is very low
2) after a rally on upside, sellers again were heavy on buyers, range expansion still happening on upside, but 2 consecutive long tail candles form at the bottom, one of which also has a very long body, first signs of demand
3) now in the third region, sellers have weakened, range of candles on downside is gradually reducing, huge gapdown on 14th got countered on next day with extremely bullish candle
4) in the region between 14300-14800, range of candles have progressively increased as we move from 1-2-3. this tells that buyers are getting stronger in the lower region of stage, and sellers are also getting weaker
5) we can get more consolidation within stage region, but probability of range resolving on the upside eventually seems higher to me
