:- Steve Nison
1. HDFC BANK was moving beautifully in an upward .
2. At the level of 1640-1650 price, Stock faced resistance thrice, then the price started moving in the downward in the tight price range.
3. Stock then broke both parallel channels then fall to the price level of 1352.
4. Stock price then halt and took the support at the strong .
5. Stock price took the support of 200 .
6. Stock Price formed Pattern, which suggests that now Bears has now exhausted, and Bulls has taken control.
7. states that the greater the , the greater the force behind the. last 10 days is increasing, and the delivery percentage is average <50%, which suggests that investors are taking an interest.
Happy Trading !!!
let's come to the textbook definition of the Bullish engulfing pattern, two comprise the engulfing pattern. the second real body must engulf the prior real body ( it need not engulf the shadows).
in the case of this HDFC BANK chart, the previous day's close was 1367.05 and the next day's opening was 1368.00 ( this minor difference can be adjustable in technical analysis. The previous day's opening was 1393.00 and the next day's closing was 1400.35. this clearly shows that this is engulfing pattern.
kindly tell me what wrong with this?