Candle Holder Patterns Bearish Signals/ Hanging Guy
Hanging Man has the same requirements as the Hammer. However, this line appears after a rally whereas a Hammer arises during a down pattern.
Market Implication: Possible top reversal.
Resistance: Not utilized as resistance.
Psychology: Those that got on the hangingman session's open or close bought at brand-new highs for the action, hence making them anxious.
Have to come after a considerable rally.
As a result of the favorable form of the line (the long lower darkness) we do not view this as meaningful turnaround signal.
Reverse of Inverted Hammer.