Hammer Formation on Friday: In the Japanese-Candlestick interpretation it says:
Hammer is a potentailly bullish pattern which occurs during a downtrend. It is named because the market is hammering out a bottom.
Recognition Criteria:
The long lower shadow is about two to three times of the real body.
Little or no upper shadow.
The real body is at the upper end of the trading range.
The color of the real body is not important.
I like this technical picture, but there is something else I like. The stock has no following, people got tired of this company and sold out, the weak hands waved goodbye. These are all parts of a bottom building, no followers, no friends but some negative posters, trying to keep possible buyers away. So, does it mean, the stock will go up out of the blue: No I dont think so, the company will have to give a signal to the market, that their past policy maybe a right policy in a hyped-oilmarket like we have seen in 2008, however at present, you have to show something for your money. Maybe AOGN comes to the same conclusion and why not: Solutions are around, opportunities as well so let,s wait and see during the dull summer period.
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