The umbrella today represents the following:
Umbrella indicates that sellers mostly dominated trading during the day and they were able to drive the prices lower during the day. However; buyers resurfaced at the end of the day and they successfully pushed prices back to the opening level and to the day high.
Important Factors:
Umbrella has the potential to signal a bullish reversal at the bottom if it appears after a long downtrend, long black candlestick or if it is seen at a visible support level. Likewise; umbrella may signal a bearish reversal at the top if it appears after a long uptrend, a long white candlestick or if it is seen at a visible resistance level. Bearish or bullish confirmation is required in both situations.
Please do not make investment or trading decisions based on what you read from a stock board. Do your due diligence before buying any stock especially a penny stock. The stock market is where money is transferred from the impatient to the patient