Sunday, January 27, 2008
GEO weekly - hammer or doji?
GEO weekly formed a black candle or doji with lower low and lower high.
GEO weekly seems to have formed a bullish hammer. This reversal pattern will be confirmed if GEO weekly forms higher lows in the succeeding weeks. I hope it does :)
Or is this a doji?
In any case it can be considered a bottom formation where the market sentiment or rather the downward uncertainty has been measured by the long lower shadow, this also tested support levels. It is in my humble opinion that after that test the bulls returned to GEO and tried to close the week near its open, which might clearly have bullish implications.
Good luck to all GEO traders!