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Technical Analysis
Hammer Candlestick Pattern in Crude Oil
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14 October, 2014, 2:00 PM
The Hammer (Singla candlestick pattern) is comprised of one candle. Very easily identified by the presence of a small body with a long lower shadow at least twice times greater than the body. The trend should be clearly down trend. Hammer found at the bottom of a downtrend, it shows evidence that the bulls traders started to step in. The color of the small body is not important but a white candle has slightly more bullish implications than the black body. Next candle will confirm the Hammer pattern. Large volume on the Hammer day increases that confirm the signal.
Crude Oil: In crude oil we found a Hammer candlestick pattern in the bottom but not confirmed yet. if it will sustain above the Hammer High then trader can buy this counter with the stop loss of Hammer candle low.
Crude oil Hammer deatil: OPEN 5236 HIGH 5298 LOW 5132 CLOSE 5284
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