technically bullish

UGL Ltd forms bullish "Hammer" chart pattern
Nov 28, 2014
Recognia has detected a "Hammer" chart pattern formed on UGL Ltd (UGL:ASX). This bullish signal indicates that the stock price may rise from the close of 2.07.
Tells Me: The price may have reached the bottom of the recent downtrend, having recovered high up from a sharp decline for the session. The Hammer appears during a downtrend, displaying a long lower shadow with a small real body at the top of the range. The price may be developing a bottom and due for a reversal to the upside.
This bullish pattern can be seen on the following chart and was detected by Recognia proprietary pattern recognition technology.

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