Hammer candlestick formed at 61.8% fibonacci retracement level $2.62.
The strength of a Hammer formation depends on where it appears.
If a hammer forms near support levels, then the likelihood of a strong bullish reversal is high.
3 previous successful reversal at 61.8% retracement were recorded on 17 Sep 2007, 23 Nov 2007 and 18 Dec2007. The stochastics were in oversold regions during those dates.
Current stochastics is 15.766 in oversold region.
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