THE CHARACTERISTICS OF BULLISH ENGULFING ARE AS FOLLOWS
1. Recent fall in price should be there
2. The latest bullish body should cover previous day bearish body
3. though high volume is not essential, slight increase in volume is expected in any of the previous two days.
4. this is for weekly trading.
Please refer to the chart attached.
Recent fall in price noticed. the body of the Bullish (green) candle has engulfed the body of the previous day bearish candle. Increase in volume seen on engulfing day. Hence it qualifies for a bullish engulfing.
Entry price: Rs.268
Stop Loss: Rs. 258
Target Price: Rs. 278
Duration 1 week
