Hammer may signal AGI to touch the resistance line soon

AGI showed bullishness on its weekly chart as suggested by the Hammer candlestick.

The Bullish Hammer appears in a downtrend. After the decline ceases, the market almost returns to the high of the week. Apparently the market fails to continue on the selling side. This observation reduces the previous bearish sentiment. If the body of the Hammer is green, then the situation looks even better for the bulls.

Since Hammers are not a strong reversal pattern, we need to see a confirmation by way of a gap up or a long green candlestick.

Caveat!

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