Why is Hanging Man considered Bearish?
The idea of a small body is that the stock opened higher, made a low and then bulls were in control and took the price to a new high, but the stock closed lower. Is this not closer to
a dragonfly doji, which is a bullish sign?
Actually, the next day matters more whatever the formation.
Correct me if I am wrong.
Regards
Ray
On Wed, Dec 2, 2009 at 11:26 AM, BALAJI Jayaraman <bctbalaji@gmail.com > wrote:
Friends,
INFOSYS TECH is not a SELL CALL yet --- its only an observation posted for analysis.
Wait for confirmation to take any position on INFY.
BTW, I am never in favor of Short calls. May be thats my weakness being a PERMA Bull. If the market falls, I rather prefer to take rest or vacation than Shorting.
Rgds/Balaji
On Wed, Dec 2, 2009 at 10:57 AM, Abhijit <ap19632000@yahoo.com > wrote:
Balaji,Infy might fall...but hanging man pattern is at the TOP...please see literature posted by me earlier.AP----- Original Message -----From: BALAJI JayaramanSent: Wednesday, December 02, 2009 10:50 AMSubject: [Technical-Investor] INFOSYS TECHNLOGIES - HANGING MAN CANDLESTICK PATTERN INFOSYS TECHNLOGIES – HANGING MAN CANDLESTICK PATTERN
To confirm a Hanging Man, you should wait for the next candle. The next candle should be a bearish candle. If the next candle gaps down it is a stronger signal that a top has been reached. If the candle is bullish the uptrend is still in effect.
Sample Hanging Man formation from NET:
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