Bullish engulfing pattern : The stock has given out a channel breakout , breaking the resistance level at 1428 level with a engulfing candle pattern on Friday. And moreover when we look at the option chain data we have highest open interest at 1500 call and highest open interest at 1400 put indicating a strong support at 1400 level and there is some resistance at 1500 level which could be the short term target in September series. 

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Stock Ticker – NSE: KOTAKBANK – Kotak Mahindra Bank Ltd. – FINANCIAL SERVICES
Bullish Trade plan:
Entry Level 1467 Target 1540 Stoploss 1401
Analyst Rating – :4/5
View Posted on 2020-08-30

2 Comments
  1. Naresh 2 years ago

    Hi,
    Bullish engulfing pattern is found towards the end of a downward trend but here the prior 2-3 days is strong bullish , so it does not act as an engulfing pattern.

  2. Author
    D Dhanesh 2 years ago

    The stock was trading inside a channel and gave a breakout in the form of bullish engulfing. So it is not always you will find a bullish engulfing only in downtrend.

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