Observed a bullish engulfing pattern with good volume on the pattern formation day.The delivery volume is also really impressive with around 72% indicating a minor correction after a downtrend.The long position can be made after the price breaks out the recent resistance line and the trade can be taken with a risk reward ratio equal to 1.The RSI confirms the bullish trend by showing a minor reversal from the oversold region of 30.Hence the stock is expected to be bullish for the next few days.
AjantaPharm-BullishEngulfing-14May2017
