After forming an ascending wedge
pattern for 2 months, the stock seems to break downwards. But if we closely observe the 1 min chart of past 4 days which forms a descending channel
pattern, the last day seems to come out of the channel and form a hammer
. This could mean a pull back from the break down and possible short term uptrend. Alternately the overall one day pattern can also be seen as ascending channel
and a possible breakdown at later point of time.