Nifty
spot making Hanging Man pattern on monthly chart. Hanging Man is
bearish single reversal candelistick pattern in uptrend which
requires confirmation on next candle. The long lower shadow of
Hanging man is generally is bullish signal and buyers are more
aggressive. Hanging man formation does not mean that bulls have lost
control ,So confirmation of trend reversal is required and it can be
identified when next candle closes below the real body of Hanging man
or another trend reversal patterns like engulfing pattern or piercing
pattern.
