Hanging man – ACC – Bearish

[Balaji]

Hanging man – ACC – Bearish

Trade plan:

1. Symbol: ACC
2. Direction: Short
3. Entry: 1371
4. SL: 1400 (Risk = 29)
5. Target: 1328 (Reward = 43 (1.5 times x 29))

Reasons for qualifying Hanging man pattern:

1. Recent rise in price witnessed
2. Lower tail two times of the body size
3. Upper tail small in size.
4. A confirmation candle, which shows the price of the stock decreasing the day after the hanging man signal.
5. One condition which contradicts is, the volume. The volume is not too high.

[Asif Sahib]

Hi Balaji sir, this cannot be qualified as a hanging man, it should be red in colour and inverted hammer.

[Balaji]

Dear Sir,

I thank you for viewing my analysis. Please find below the definition for hanging man:

A hanging man is a type of bearish reversal pattern, made up of just one candle, found in an uptrend of price charts of financial assets. It has a long lower wick and a short body at the top of the candlestick with little or no upper wick.

Hope this will clarify the subject. If I am wrong, please check with Murugan sir and correct me.

[Author]

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