When markets are in rally mode, the bulls are in charge. If they are trending lower, it’s the bears who are in control. A reversal day pattern after an uptrend illustrates a change of this leadership from bulls to bears.
This may have happened with shares of Trinity Place Holdings Inc. TPHS on Friday.
The bulls were in control in the morning. The stock opened at a higher price than the close on Thursday. But that turned out to be the highest price of the day.
Soon after the open, the bears took over. They drove TPHS lower and it closed near the lowest price of the day. This action could mean the bears are now in control. A new downtrend may be forming.
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