Adani Transmission : Hanging man
Scrip can see selling pressure after reaching around 52-week highs due to Doji star which depicts uncertainty and then, hanging man coming at the top of uptrend. Can even see formation of evening star pattern!
Enter below 210-212 (Post confirmation)
Can go till TP - 192, 173, 153, 132 if selling pressure persists
Handing man candlestick
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.
Cons of prime gravity
- Stock is trading at 7.92 times its book value
- Company has low interest coverage ratio.
Enter below 210-212 (Post confirmation)
Can go till TP - 192, 173, 153, 132 if selling pressure persists
Handing man candlestick
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.
Cons of prime gravity
- Stock is trading at 7.92 times its book value
- Company has low interest coverage ratio.
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