Hanging
Man
Description
This
reversal pattern is considered one of the 12 major candlestick signals. It is
considered highly reliable.
In
an upward trend, it is a pattern of one candle. It is a small real body with a
shadow two times longer than the body, poised at the upper end of the trading
range. (black body would be a bearish bias) Selling is apparent, and a black
candle or lower open the next day would confirm this as a possible reversal.
This
real body has no upper shadow, or a very small one. Confirmation is needed the
following day.
Market
Opinion
Bearish.
Pattern