#7: Bullish Hammer Candlestick Pattern
The bullish hammer candlestick pattern can also be called a bullish pin bar. It is the exact opposite of a shooting start candlestick pattern (or bearish pin bar).
The bullish hammer candlestick pattern is a single candlestick formation and it is very easy to spot as this candlestick tends to be very long and looks like a pin bar or hammer.
Here’s how a bullish hammer candlestick looks like:
Where Bullish Hammer Patterns Form On A Chart
Look for Bullish hammer reversal candlestick patterns when price is near or touching these levels:
- major support levels
- upward trendline bounces
- fib retracement levels