Nifty Forms Bullish Hammer Candelstick Formation

Bullish Hammer
• Direction: Bullish
• Type: Reversal
• Reliability: Moderate
After an established downtrend
• Hammer candles have a small real body that forms at the upper end of the days trading range
• The candle can be either blue or red, analyst usually do not differentiate.
• Lower wick at least twice as long as the real body
• No (or almost no) upper wick
After a bearish sell-off a significant rally brings price back up creating a long bottom wick. By day end buyers are able to push prices back to the upper range creating a …
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