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Havells witnessed a strong uptrend in price movement followed by red candle formation with upper tail size twice that of the candle body with a high volume trade concludes a hanging man price pattern formation. The formation can also looks like engulfing pattern followed by area gap.
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Hi sir,
This is not hanging man pattern as it is not justifies the condition that upper tail should be 2 times the body with no or less lower tail.
My bad. I was under the assumption a inverted hammer is ‘Hanging Man’. Thanks for the comments Vignesh.
Ofcourse inverted hammer with red body is a hanging man. Here candlstick body is big so it doesn’t justify the hanging man pattern.
Got you. Thanks Vignesh!