Corn futures rising strongly today after the price formed the powerful Japanese candlesticks pattern – Hammer Doji – which is also a Torch pattern. Being made out of the 3 distinct candlestick formations makes this candlesticks pattern a MultiCandle with the CansleScore rating of 25.00. This reversal pattern is aligned with the active daily uptrend (its strength rated at the 89% level). The bottom of this MultiCandle formed near the round support level 600.00 and – most importantly – near the lower daily Bollinger Band – which has not been touched for more than 3 months (this parameter is tracked by the Bands Monitor Dashboard in the Active Macro panel) – increasing its reversal potential.
The active daily upward candle is in the process of completing the next powerful Japanese candlesticks reversal pattern – Morning Star, highlighted below.
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