The Inverted Hammer also forms in a downtrend and represents a likely trend reversal or support.
It’s identical to the Hammer except for the longer upper shadow, which indicates buying pressure after the opening price.
This is followed by considerable selling pressure, which wasn’t enough to bring the price down below its opening value.
Again, bullish confirmation is required, and it can come in the form of a long hollow candlestick or a gap up, accompanied by a heavy trading volume.
Script = Astral
Time Frame = 1 Day
It’s identical to the Hammer except for the longer upper shadow, which indicates buying pressure after the opening price.
This is followed by considerable selling pressure, which wasn’t enough to bring the price down below its opening value.
Again, bullish confirmation is required, and it can come in the form of a long hollow candlestick or a gap up, accompanied by a heavy trading volume.
Script = Astral
Time Frame = 1 Day