A Bearish Engulfing pattern was observed after a significant Price Rise. The Bearish engulfing candle is very long in length, hence, I have taken Entry point as previous resistance which is Point A (1310.0), expecting the price to pull back from 1253.5, which is the low of the engulfing candle. I did this to reduce the Risk of not entering the trade waiting for at price to go below (1253.5). The Target is 1:1, which is 1139.9. We short this trade as for any Bearish engulfing. Expecting to strike target in a Months time. A very high volume than usual on the Engulfing candle is taken as confirmation.
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Stock Ticker – NSE: SIEMENS – Siemens Ltd. – INDUSTRIAL MANUFACTURING
Bearish Trade plan:
Entry Level 1310.0 Target 1139.9 Stoploss 1367.1
Analyst Rating – :5/5
View Posted on 2019-07-06
