Important factors:
If the hammer is characterized by a close above the open thereby causing white body, the situation looks even better for the bulls.
The bullish Dragonfly Doji pattern is generally considered more bearish than bullish Hammer higher reliability model and attributed this to the bearish Doji Hammer scheme.
The reliability of the model is bullish Hammer low. It requires confirmation of trend reversal implied by a white candlestick, a large gap up or a higher close the next trading day.
read more hammer bottom charts
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Tuesday, August 23, 2011
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