SUMMARY
Japanese Candle Stick analysis method has a price bar called a hammer. This type of price activity is shown as a price bar with a short body around the top. The chart below shows a green hammer price bar which signifies a type of a bottom is being "hammered" out. I don't often use this technique, but do notice these hammer price bars and it's quite opportunitistic to see one on the weekly chart. As there are still a couple more days to go towards a completion of the week, the price bar could still be altered with lower lows. However, thus far, it looks as if a correctional bottom is beeing sought.
The below provides some didactic details on the Hammer price bar pattern.
The 60 minute chart shows a potential upward pointing wedge and that a pull back during overnight price movements is likely. Whether this would erase the gains made thus far is unlikely; however, a minor correction could be due.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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