NSE:ASHOKLEY   ASHOK LEYLAND
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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
Thanks for your posting and efforts. I was wondering you considering it Hanging man instead of a Doji. It has no body as open and close are the same.
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nalinakshi praveen.bhatiya
@praveen.bhatiya, called doji but itg is hanging man formed at the uptrend.<img src="http://www.onlinetradingconcepts.com/images/candlesticks/HangingManAA.gif" alt="Image result for hanging man doji"/>
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nalinakshi nalinakshi
@nalinakshi, you may be correct as there is no body. but somehow i felt it as hanging man. still i feel it is caution and ashok leyland may extend upto 250 and you may witness selling or price reversal
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@nalinakshi, You are right about the caution these candles are foretelling.
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@nalinakshi, Thanks for your prompt reply.
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