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This is a reversal pattern. On 18-1-16 a hammer pattern was formed. Previous to this the trend was bearish. The body is green. There is no upper tail. On 19-1-16 the price managed to open above the high of 18-1-16. So I have taken the entry level as Rs 2445.70. The lowest rate on 18-1-16 is Rs 2378.50. It is my Stop Loss level. Two times the risk taken is my target at Rs 2580. The volume is good during Hammer day. Also the previous day was a red body.
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Hi,
Volume should be high during the hammer day because a candlestick reversal pattern on high volume carries more weight than a candlestick reversal pattern on low volume. (Note-Kindly check the volume portion on the hammer day )
Thank you. Noted.