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PT Sarana Menara Nusantara Tbk forms bullish "Inverted Hammer" chart pattern
Sep 20, 2019

Recognia has detected an "Inverted Hammer" chart pattern formed on PT Sarana Menara Nusantara Tbk (TOWR:JKT). This bullish signal indicates that the stock price may rise from the close of 645.00.

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.

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