Wilson; RE:" Hammer, is that bullish ?"
A hammer is a candlestick charting figure that, upon confirmation during the next session, indicates a reversal. Typically a hammer is a session where prices open and go down, then bounce up in a rally and close above the open, ideally at the session high. In candlestick lore, "the bullish forces overcome the bearish ones", and there is often a climactic volume or something like that. Sometimes the closing price is the same as the open, and this is called a "Doji" or "a meeting of opposing forces". Confirmation consists of a continuation of the bullish forces the next session.
Candlesticks are short term indicators of investor sentiment (not extent). There are numerous references on the WWWeb, and a good introductory book is Steve Nison's Candlestick Charting Techniques, with Morris' books being better intermediate texts.
INTC's Doji Hammer failed confirmation, but it has made another candlestick pattern called a Morning Star today. In the very short term, INTC appears to be attracting buying sentiment. Personally, I would prefer to trade STM, which follows INTC and the SOX.X, but has been generally stronger than Intel YTD.
No, I do not think INTC will perform a 50% retracement from 65 to 95 this quarter - do you ?
-Steve |
