Looking at price and volume action it can be assumed that someone is making entry into stock. Price was on rapid drop while first hammer shape candle has formed in downtrend. This could be first attempt to observe the supply available in stock, as stock is in previous strong demand zone therefore high chances that any available supply will be consumed looking at fair price stock is available at. This could also start consolidation period if someone want to soak up all the supply available before moving price upward. Next few day or week candles can give more clear picture but stock can be added to watchlist basis above analysis.
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