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Hammer Candlestick
The Hammer candlestick, also known as a Hammer doji, is characterised by a single bullish candle with a small candle body, short upper wick, and long lower wick. It is formed when the open and close prices of a security are near the high of the period.
It occurs due to strong buying pressure when the security is pushed down by sellers but ultimately closes near the period’s high. Traders see this pattern as a bullish reversal, signalling a potential change in trend from bearish to bullish.
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