A hammer is a kind of bullish reversal candlestick pattern, consists of only one candle, and appears after a downtrend. The candle is similar to a hammer, simply because it has a long lower wick and a short body at the top of the candlestick with almost no upper wick.
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Hammer pattern
The Hammer pattern is created when the open, high, and close are such that the real body is small. Also, you can find a long lower shadow, 2 times the length as the real body. It should look just like a capital ‘T’. This signifies the possibility of a hammer candle. The real body can be black (red in picture above) or white (green in picture above).
To me all signals are a buy. This week the assay results will be released and I am hoping that they will give the SP a boost along and hope it stays up. But as we all know, previous announcements have been met with a higher SP then sold down to finish the same as previous day or only a few pips up.
We have been in a consolidation phase since April and have bounced between 7¢ and 13¢. Considering the ASX finished 1.8 points higher and KRC finished up 4.5% on lower Vol I think it did well.
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As usual all constructive criticism welcomed, as these are my thoughts and interpretation that I post, and they do not replace professional advice and no one can truly predict, in any way, future trade quotes and performance. Good luck to all that hold.
