Bullish Engulfing formed in CIPLA on 09/10/2019. Recent fall observed from 06/09/2019 to 07/10/2019. Engulfing candle witnessed on 0/10/2019 and considerable volume increased on 11/10/2019. My Entry is previous day high breakout price and stop loss is bearish candle low and the target is 1:1 how much I taken a risk.
ENTRY PRICE = 431
STOP LOSS = 405
TARGET = 458
Hi,
Bullish engulfing pattern is found towards the end of a downward trend but here the prior 4-5 days is sideways movement, so it does not act as an engulfing pattern.