nalinakshi

HANGING MAN

nalinakshi Updated   
NSE:ASHOKLEY   ASHOK LEYLAND
what does indicate . Caution friends
Comment: A hanging man candle is identical to the "hammer" candle in its shape but forms at the top of an uptrend indicating a price peak and potential reversion/reversal. While it is traditionally considered a bearish candle, it can also be a continuation candle that sucks in short-sellers and bears and then proceeds to squeeze the price higher. When a pattern becomes too familiar or expected, the market will often form the opposite reaction. This can be expected in a minus sum environment like the financial markets. Therefore, hanging man candles must be approached with several confirmation indicators to determine if it is a bearish reversal signal or a bullish continuation signal in each scenario.

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Comment: Bearish Hanging Man
Typically considered a bearish candlestick, an ideal scenario would be preceding series of at least three or more bullish green candles with higher highs. In the aforementioned structure with a small body and long tail, the hanging man candle should form at the top. The next candle needs to close under the body low, preferably at or below the tail.



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Comment: as expected candle stick is showing its imortance
Comment: if it breaks the low 144.4 you will see the levels of 141
Comment: hanging man and doji indicated caution. after 4 days false price going up price corrected to 138 and closed at 142

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