Hanging man pattern is found in JSW steel.  This may be a sign of bears taking control of this stock. SHORT can be considered

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Stock Ticker – NSE: JSWSTEEL – JSW Steel Ltd. – METALS
Bearish Trade plan:
Entry Level 231 Target 226 Stoploss 236
Analyst Rating – :4/5
View Posted on 2019-10-31

3 Comments
  1. Donson 4 years ago

    We need significant raise in price,and we need more volume for hanging man candle…

    In the given analysis there is no significant rise in price and there is no more volume on hanging man…

    We can suspect for flag pattern…we will wait and watch…

  2. Naresh 4 years ago

    Hi,
    Hanging man pattern has a small body with a long upper tail pattern. Hanging man is a bearish reversal pattern, as the buyers were initially in charge but yet the sellers were capable to reverse that control and drive prices back up to close near the low for the day.

    Conditions
    Hanging man pattern has a small body with a long upper tail.
    The lower tail should be invisible or very small in size.
    Volume should be high during hanging man day.
    Hanging man should be red in color.
    Hanging man occur after a price incline

    You can find similar patterns with different names and there is some confusion prevailing around hammer and hanging man patterns. To avoid such confusion, understand the demand and supply characteristic of every candlestick pattern.

    Refer the attachment screenshot

  3. Author
    Rajkumar Dhandapani 4 years ago

    Thanks Naresh!

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