Bullish Hammer | Bullish Candlestick Pattern

This stock is forming a Bullish Hammer →

Hey there!

Bringing to you a stock forming a bullish hammer near its support line as of 23rd October 2023:

➡️ A single candlestick pattern, the hammer is formed when the body of a candle is small & appears at the upper end of the trading range, with the length of its lower shadow being more than twice the length of its body. A hammer signals a potential change in sentiment in the stock, a likely trend reversal.

➡️ When the hammer is formed at the bottom of a downtrend, it’s called a bullish hammer. It indicates a new buying interest after several bearish sessions. The longer the shadow of a hammer, the more bullish it is.

➡️ Note that you should always combine candlestick patterns with other indicators & signals before entering any stock. A stop-loss can be placed at the low of the hammer.

➡️ In the case of Honeywell Automation Ltd. seen on a daily chart, a bullish hammer is being formed at the bottom of a downtrend and stands near its long-term support line.

💡 Use candlesticks & other modern tools to spot winning trades

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None of the above stock ideas are intended as recommendations. Please consult a registered advisor before buying/selling.

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