Today, CapitalMall Trust formed a bullish reversal hammer, signaling that its downtrend over the past 2 weeks is coming to an end. Prices pulled from its intra-day low of 1.93 to end at 1.99 at the closing bell.
Observations:
-Px formed a hammer during today's session, after rebounding off 150D MA support.
-150D MA has been supporting prices well since the beginning of May last year.
-Hammer candlestick formed alongside exceptionally high volume, giving great significance to the candlestick.
-MACD and stochastics down for quite some time. Likely reversal soon.
Trading hypothesis:
I expect a further uptrend from this point. Next resistance could possibly be at the 50D MA at 2.02, which i expect to take place. A break above 2.02 would be a further bullish trading signal for trader's to take up position in addition to the bullish hammer reversal candlestick we have today.
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