The Bearish Engulfing Pattern is formed in nifty today can be viewed as a more bearish formation than a DARK CLOUD COVER, it completely rejects the gains of Day one and usually closes below the lows of yesterday. Caution It is sad if it is happening early, means we are going bearish way, without maligning any new high. Let me see the price level and I will come up with that, early before night.
Comments
Subra1953
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Yes, apart from this there are few points I would like to mention here for your consideration. VIX surprisingly minus, is it trap for bears? Also from EOD Data there is not much variation in OI and also it looks like the last hour selling is from Intraday retailers like me and not panic selling from investors or institutions. I am not sure whether my reading is correct and also do not know to go further to link these with the Bearish Engulfing Candle. Look forward to your views Thanks heaps
padiyara
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@Subra1953, you are right, I have a similar view, Thanks