Reversal Strategy Based on:
1. Price touches or goes below the bollinger band.
2. Stock is trading near or in the oversold region according to the stochastic oscillator.
3. Price formed a bullish hammer and on the following trading day, price did not reach that low.
To reaffirm my strategy, I put in RSI and ADX(with DI+ and DI-) to show that momentum is growing...
Kept it simple with this analysis.
Last few candles for AZ were bullish, and we saw it pop up on Friday.
I am confident it will at least get to 3.30, its resistance level. RSI indicates bulls gaining momentum.
However, I also feel like it might break past its resistance level this time as it has reversed at its lower bollinger band with a strong bullish signal twice now.
