In this case, price action has broken the medium term downtrend on the weekly chart, and has broken the downtrend after falling below $35.00 on the Daily crossing back above its 50 Moving Average a while back. So what we have here is price made its way up to resistance at the $35.00 area and has subsequently pulled back to prior resistance turned support ($32.00 area). Once it got within that it formed a very small , but if you look at buyers were stacking up on each other thus making buy-side make a spike above the average selling . This the next day you had the bulls taking more control over price action forming the candle. So I went long just before the candle closed. 1st target is roughly 38%-50% of the overall target (also below the 20 Moving Average), and the 2nd target is slightly below resistance.
-Price is above important moving averages (50, 100, 200)
-Bullish crossover of the 50 & 100/200 moving averages
-Also you may notice I really don't tend to name the specific pattern. Reason being because I really don't care about what it's called as long as I understand the price action behind the move. Just in case anybody was wondering why I never name the pattern by its name. But just for the heck of it, you have a sort of ( ) pattern that formed at support. And previously you have an inverted pattern which broke the medium term downtrend at the $30.00 area.