GLTAL Converge Technology Solutions Corp forms bullish "Inverted Hammer" chart pattern
Jul 25, 2023
Trading Central has detected an "Inverted Hammer" chart pattern formed on Converge Technology Solutions Corp (CTS:TSX). This bullish signal indicates that the stock price may rise from the close of $3.16.
Tells Me: The recent decline is approaching its bottom, as the balance between buyers and sellers evens out and there's an attempt (though failed) at higher prices.
The Inverted Hammer appears during a downtrend with a long upper shadow reflecting an attempt a higher prices, and a small real body at the lower end of the range reflecting an evening out of the balance between buyers and sellers as the bears have lost some control. The price may have reached a bottom and ready to turn higher.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.