Positive to gap up opening is expected eod nifty candle closed making perfect hammer at extremely oversold zone..need confirmation for a up swing ..traders are betting that now it will retrace to up side and I feel Nifty is trading in ABC pattern at 5700 -6100 let us see.Perfect hammer/doji combo candle at eod chart ..we can expect 6150 and above within 90 days …up trending line – blue is intact..
Positive indication Hammer
Trade in nifty Futures as per these levels
Buy at / above: 5795 Targets: 5811 – 5830 – 5849 – 5868
Stoploss : 5776
Sell at / below: 5776 Targets: 5759 – 5740 – 5722 – 5703
Stoploss : 5795
The hammer is another candle pattern that many traders rely on. It is supposed to act as a bullish reversal and testing reveals that it does 60% of the time, placing the reversal rank at 26. That is quite respectable. Once price reverses, though, it does not travel far based on the overall performance rank of 65 where 1 is best out of 103 candle types.
Theoretical performance: Bullish reversal
Tested performance: Bullish reversal 60% of the time
Frequency rank: 36
Overall performance rank: 65
Best percentage meeting price target: 88% (bull market, up breakout)
Best average move in 10 days: -4.12% (bear market, down breakout)
Best 10-day performance rank: 48 (bear market, down breakout)
All ranks are out of 103 candlestick patterns with the top performer ranking 1. “Best” means the highest rated of the four combinations of bull/bear market, up/down breakouts.
Positive Nifty opening expected on 01 August 13