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NTPC has formed a hanging man on July 2019 with below average volume. The bearish trend on the next with high volume gives us more confidence to short the stock. Stoploss would be the top of hanging man candle. Target can be set at 2 times the risk or we can trail until there is sign of trend reversal. In our case 3rd day made a sign of bullish trend. we can exit on that day end.
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Hi sir,
Hanging man 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 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.
Hi Naresh, Thanks for mentioning the conditions.