Inverted Hammer

[GotherL]

What do you make of this chart pattern? Had a big inverted hammer over a regular hammer today on the daily going from a downtrend. I am not really sure if this is considered bullish.

Kinda did the same thing in early OCT but the hammers were much smaller.

 

[Money Trust]

It looks to me like price hit an area of resistance on a smaller time frame.

 

[maxinger]

hammer, cloud, gravestone, morning star, evening star, 3 soldiers, or whatever ...

looks like any moment, it might continue its downward journey.

 

[Handle123]

Believe it leaning to go down.

 

[zdreg]

If I hada Hammer

ignore the commercial or maybe not

 

[maxinger]

When you zoomed in far too much, you will see the inverted hammer.

zoomed out, and you will not see the inverted hammer.

When will it continue its downward journey?

 

[Overnight]

What do you make of this chart pattern? Had a big inverted hammer over a regular hammer today on the daily going from a downtrend. I am not really sure if this is considered bullish.

Kinda did the same thing in early OCT but the hammers were much smaller.

Hammers. All I see there is a double-bottom. Meditate on the chart.

 

[tomorton]

Relying on candlestick patterns like these on such a short time-frame is high risk.

However, an inverted hammer is often called a shooting star and has a reputation as a bearish reversal signal if it occurs in an uptrend. My opinion is this title is way too optimistic as most reversals don't occur or quickly fail. These patterns might be a good signal to manage an existing long position but as a bearish entry signal they're poor.

 

[murray t turtle]

Relying on candlestick patterns like these on such a short time-frame is high risk.

However, an inverted hammer is often called a shooting star and has a reputation as a bearish reversal signal if it occurs in an uptrend. My opinion is this title is way too optimistic as most reversals don't occur or quickly fail. These patterns might be a good signal to manage an existing long position but as a bearish entry signal they're poor.

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Good points;
all most all the trends are down on that one. And its under $5, last i looked...................................................................................................

 

[Bad_Badness]

look at the 15 minute, 30 minute or hourly for better resolution when you have questions on the daily.