Observed a bullish engulfing pattern near the support line with the prior trend being a downtrend.The volume on the buying day is very impressive with nearly 62% being delivery volume indicating that there was an aggressive buying.The RSI has confirmed by showing a reversal from the oversold region of 32 on the buying day and the MACD is yet to confirm.Also, the green candle is formed like a bullish marubuzo with no lower tail and a very small upper tail indicating the strong presence of buyers.Long position can be created once the price crosses the high of the pattern with the stoploss being placed as the low of the pattern.
CADILAHC-Bullish Engulfing
