Looks like we’re approaching an inverted hammer candlestick –...

Looks like we’re approaching an inverted hammer candlestick – which is bullish because prices hesitated to move downward during the day. An inverted hammer candlestick is formed when bullish traders start to gain confidence. The top part of the wick is formed when bulls push the price up as far as they can, while the lower part of the wick is caused by bears (or short-sellers) trying to resist the higher price. However, the bullish trend is too strong, and the market settles at a higher price.