Inverted HammerTechnical Analysis
The inverted hammer is a bullish reversal pattern. It’s essentially an upside down shooting star. The inverted hammer is a small candle body at the bottom of a long candle wick. It can be bearish, but it’s better serving if you see a bullish colored candle.
The candle signals that the bar opened at a certain price and was driven up on buying volume. Sellers came in, and pushed the candle body down, creating the large wick. If the candle is bullish colored, the sellers weren’t able to drive prices all the way down to the open. If the candle is bearish colored, sellers were able to drive prices to a new daily bottom.
The next candle, however, must open higher. If it does not, chances are the downtrend will continue downwards. Subsequent candle bars must continue upwards, since the inverted candle is a bullish reversal pattern.
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