Hanging Man Pattern Identified.
- Spike in volume
- Stochastic overbought condition
- Bearish confirmation on the next day.
- Short Position Advise.
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Bullish View
Bearish View
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Bearish-GAP-SHORT-BICON-25-10-2019 October 25, 2019
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FEDERAL BANK – BEARISH ENGULFING October 17, 2019
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Cummins India – Bearish Engulfing – 24Sep19 September 25, 2019
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Day29-Tata Motors DVR – Bearish Piercing – 12Sep19 September 12, 2019
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Day27-Bearish-Engulfing pattern-Tech Mahindtra-09Sep19 September 10, 2019
Good spot, But i generally follow length upper tail to confirm the bearish trend. because Length upper tail indicates the selling pressure.
In the above chart the lower tails is big, hence it indicates the strong bullish recovery during the closing. Hence i suspect the quality bearish reversal
Thanks Sir. I generally go for no upper tail or a very minimal upper tail to have the structure undisturbed. This has a confirmation candle as well in the next day, which is also the aided decision making factor.
However, thanks for your comments.. 🙂
Cheers,
Siva