SPX500 has continued to move up since it broke out of the long ascending triangle chart pattern. The market close last week with a bearish candlestick pattern called THE HANGING MAN CANDLESTICK PATTERN.
What is the HANGING MAN CANDLESTICK PATTERN?
The hanging man is probably one of the better known candlestick patterns. The Hanging Man candlestick formation is viewed as a bearish sign. This pattern occurs mainly at the top of uptrends and can act as a warning of a potential reversal downward. This bearish candlestick give traders early signal for a price reversal. Traders as well need to keep close in mind that the third daily candlestick that will open will need to close below the second one, so as to be sure of the move to downside to reach all targets:
Breakdown level: $3135.3
Support 1: $3121.6
Support 2: $3105.4
Support 3: $3089.7.
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.
What is the HANGING MAN CANDLESTICK PATTERN?
The hanging man is probably one of the better known candlestick patterns. The Hanging Man candlestick formation is viewed as a bearish sign. This pattern occurs mainly at the top of uptrends and can act as a warning of a potential reversal downward. This bearish candlestick give traders early signal for a price reversal. Traders as well need to keep close in mind that the third daily candlestick that will open will need to close below the second one, so as to be sure of the move to downside to reach all targets:
Breakdown level: $3135.3
Support 1: $3121.6
Support 2: $3105.4
Support 3: $3089.7.
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.