A Quick Overview of Hanging Man Candlestick
The bearish analogue of a hammer is the hanging man, which has the same shape as a hammer but appears near the end of an upswing. This means there was a big sell-off during the day, but purchasers were able to bring the price back up. The big selloff is frequently seen as a sign that bulls are losing control of the market. According to Bulkowski, this reversal predicts lower prices with an 59% accuracy rate.
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