To The Moon

Hammer appeared for OCBC at 11.90 I feel it's the bottom one could buy and wait to sell before xd 

$OVERSEA-CHINESE BANKING CORP(O39.SI)$ 

Ahoy matey! The price trend for Oversea-Chinese Banking Corporation Limited (OVCHY) has been quite bearish lately, causing the stock to lose 6.3% over the past four weeks. But avast! The formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon. It seems that the bulls might have gained significant control over the price to help it find support.

The hammer pattern is a technical indication of nearing a bottom with likely subsiding of selling pressure. But there's more to this bullish case for the stock. On the fundamental side, there's a strong agreement among Wall Street analysts in raising earnings estimates for this company. This enhances its prospects of a trend reversal, savvy?

Aye, a hammer chart pattern is one of the popular price patterns in candlestick charting. A small candle body is formed with a minor difference between the opening and closing prices. A long lower wick (or vertical line) is formed with a higher difference between the low of the day and the open or close. The length of the lower wick is at least twice the length of the real body, making the candle resemble a 'hammer.'

During a downtrend, a stock usually opens lower compared to the previous day's close, and again closes lower. On the day the hammer pattern is formed, maintaining the downtrend, the stock makes a new low. But savvy traders know that after eventually finding support at the low of the day, some amount of buying interest emerges, pushing the stock up to close the session near or slightly above its opening price.

When it occurs at the bottom of a downtrend, this pattern signals that the bears might have lost control over the price. The success of bulls in stopping the price from falling further indicates a potential trend reversal. Hammer candles can occur on any timeframe and are utilized by both short-term as well as long-term investors, savvy?

But as with any technical indicator, the hammer chart pattern has its limitations. Particularly, the strength of a hammer depends on its placement on the chart. Therefore, savvy traders should always use it in conjunction with other bullish indicators. Arrr!

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