Loading ...GDX Daily “Hanging Man” Candle? Continuation Head and Shoulders Pattern?
The Hanging Man is a bearish reversal pattern that can also mark a top or resistance level. Forming after an advance, a Hanging Man signals that selling pressure is starting to increase. The low of the long lower shadow confirms that sellers pushed prices lower during the session. Even though the bulls regained their footing and drove prices higher by the finish, the appearance of selling pressure raises the yellow flag. As with the Hammer, a Hanging Man requires bearish confirmation before action. Such confirmation can come as a gap down or long black candlestick on heavy volume.
Bottom line: bull and bear case both need confirmation. Have a good weekend everyone.
Nice catch Eagle… I was thinking the same. also its a black candle which often (not always) portends a top
Interesting. I’ll be looking for a violation of today’s low (14.18) on Monday. If that happens, I’ll reduce my long position or go flat. A gap down would do it!
Continuation head and shoulders pattern?