TV18 Broadcast Ltd forms bullish "Inverted Hammer" chart pattern
Recognia has detected an "Inverted Hammer" chart pattern formed on TV18 Broadcast Ltd (532800:BSE). This bullish signal indicates that the stock price may rise from the close of 22.40.
Tells Me: The recent decline is approaching its bottom, as the balance between buyers and sellers evens out and there's an attempt (though failed) at higher prices. The Inverted Hammer appears during a downtrend with a long upper shadow reflecting an attempt a higher prices, and a small real body at the lower end of the range reflecting an evening out of the balance between buyers and sellers as the bears have lost some control. The price may have reached a bottom and ready to turn higher.
This bullish pattern can be seen on the following chart.
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