View Full Version : Does anybody know what this means...?
DHawk
09-21-2008, 06:05 PM
I know nothing about charts but I like to look anyway.
These two hammer thingys look peculiar to me.
Do they mean anything to anyone?
54115
Liburn
09-21-2008, 06:52 PM
Hammers forms potential trend reversal, or can mark bottoms or support levels.
MystryBox
09-21-2008, 07:08 PM
It's consolidation moves after the big spike. It's a bit messy because of the volatility but it looks like a bull flag to me (http://www.chartpatterns.com/flagsandpennants.htm). With a flag, after the consolidation it usually continues in the direction of the original sharp move. In other words the important part of the move was the spike and the current messing around is consolidation that hopefully will resolve higher.
The market is such a mess right now though news is a lot more responsible for movement than TA.
GoldWampum
09-21-2008, 07:13 PM
That has the look of something that has paused (consolidated) and ready for another upsurge. Notice how the price range allowed a return to the mean but the open and closes are near the top and not separated by much relative distance.
I don't use candlesticks but that's my take, not knowing anything else about it other than this screen shot.
I could be wrong but.. that's my take.
vBulletin® v3.8.4, Copyright ©2000-2009, Jelsoft Enterprises Ltd.