Thursday, May 22, 2008 11:27:53 AM
Hey, that is a reversal doji GNV is printing and the Bollingers keep narrowing down to give an image I remember from my youth "The ever ready fertility idol"!
Inverted Hammer / Gravestone Doji Bullish
Pattern: Reversal
Trend: Bullish
Reliability: Low/Moderate
How to Identify it
Small real body at the lower end of the trading range
Upper shadow usually no more than twice as long as the real body
No (or almost no) lower shadow
What it Means
As the market opens below the close of the previous day, the bulls rally briefly, but not enough to close above the previous day’s close. As this leaves shorts in a losing position, the Inverted Hammer presents the potential for an upcoming rally. Confirmation of the trend reversal would by an opening above the body of the Inverted Hammer on the next trading day. If the open and the close are identical, the indicator is considered a Gravestone Doji. The Gravestone Doji has a higher reliability associated with it than an Inverted Hammer.
Bollingers
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