Inverted Hammer Pattern: 3 stocks hinting at stock uptrend
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Positive Turn
On the candlestick screener, a bullish reversal pattern helps identify stocks that can convert into an uptrend from a downward zone. So, here are 3 major stocks that have established an Inverted Hammer pattern and hint at a bullish reversal. (Source: StockEdge)
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What is the Inverted Hammer Pattern?
It is a one-day candlestick pattern in which there is a small red real body and an upper shadow extending from the body. It is formed at the bottom of a downtrend.
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Significance
This is a neutral pattern, which signifies a bullish reversal trend as it indicates that the bulls have begun to pull the price up.
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Alok Industries
LTP as on July 4: Rs 16.6| Performance: -0.3%
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Borosil Renewables
LTP as on July 4: Rs 501.65| Performance: -0.4%
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Tamilnad Mercantile Bank
LTP as on July 4: Rs 430.35 | Performance: -1.5%