Onya Mitkye, I hope it works out for you.I have never heard of a...

Onya Mitkye, I hope it works out for you.

I have never heard of a hanging man reversal candle before. But my special subject has always been to speak confidently after just looking something up. No, you are not eligible, the legislation is specific. The computer says no.

So, today the opening and closing prices were the same = $1.40. This means apparently that the body is zero.
The highest price was $1.405. So the upper shadow is 0.5c.
The lowest price was $1.355. So the lower shadow, the important one, is $1.40 minus 1.355 equals 4.5c.
And the SP has been trending upwards. Tick.

Apparently, the important thing about a hanging man candle is that the lower shadow is much longer than the body- and the longer it is the stronger it is. So, 4.5c is much longer than zero.
So, today VCX formed a hanging man candle.

The long lower shadow was that price fall this morning and the recovery afterwards. Recovery and closing price were about the same as the opening price- other wise it would not have been a hanging man reversal thingy- less sure about that part- needs checking.

But, apparently it gets confirmed if the next trading day is a down day. So it hasn't been confirmed yet.

The important bit for me is that apparently it mirrors the psychology of the punters. It indicates that punters are sensing that the SP uptrend has reached its limit and that they expect the price to reverse. So, I suppose that this morning's price plummet was a warning shot across the bows.

But it would need to be confirmed by a lower SP on Monday. And then I can ask Mitkye to mark my work.

Have a great weekend. Life is good.

DYOR IMHO