It is a good reversal pattern, which is even more significant than a regular Harami.
1. The market is characterized by a prevailing downtrend.
2. A red body is observed on the first day.
3. The that is formed on the second day is completely engulfed by the body of the first day.
The outline again looks like a pregnant woman, as with the Harami Pattern. However, now the baby is a . Basically, the pattern is characterized by a red body followed by a that is completely inside the range of the prior black body.
The price should close above at least 50% of the red body which in this case comes at 185.6
Target: 190 / 196 in Short term and 219-241 in Medium term
Stop Loss can be placed just a tad below the low made on either of the 2 days (a couple of points below 183 which is the low formed on 30-Mar-2017).
Risk::Reward Ratio is at 1 :: 3.66
Take care and safe trading...!!!