I guess the key thing we want to see is how the 3rd candle reacted to the bearish 2nd red candle.
It more or less engulfed it..and on a 30min chart that has some credence.
Additionally, we pay heed to counter market action. So, in this case even though the rest of the day was a listless one for the Indices, this one held steady and we saw new buying emerge in the last hour.
All things that we want to see.
So, the only caveat might be if the overall market continues to melt down..
On the other hand, this one could get very interesting as usually there's a reason behind such obvious buying(at least to us ;-)) which manifests in due time via a public announcement.
But at this moment, we consider it a good risk/reward candidate..especially in this tough market.