Pattern: reversalReliability: low/moderateIdentificationA small...

Pattern:reversal Reliability:low/moderate

Identification
A small real body forms at the upper end of a trading range with a long lower shadow (the longer the more bullish) with no, or almost no upper shadow.

The Psychology
In a downtrend or within a pullback of an uptrend, a sharp intraday sell-off is followed by a reversal which causes the stock to close near its opening price near the day’s high. This hints at the possibility of a reversal. Bulls most likely were shaken out by the intraday weakness, and shorts start getting a little worried with the bounce. The pattern is a slightly more reliable if the real body is white, but a strong following day on solid volume is still needed to confirm the pattern.

It certainly meets criteria for a bullish hammer (ie see 15m chart), but is only low to moderate reliable. This from Leavitt Bros...