Federal bank has been on a short term uptrend during past few trading sessions. After continuously making higher high and higher lows, today (10-04-2018) the script opened gap up above yesterday’s high but could not continue it’s upward movement due to heavy selling pressure and ended up closing with a long red candle engulfing the previous day’s green candle. Thus creating a Bearish engulfing pattern. The volume was above average compared to past ten day’s volume.

3 Comments
  1. vignesh 6 years ago

    Hi sir,
    your observation is good.

  2. Author
    Mitesh Thakkar 6 years ago

    Hi Vignesh,

    Thanks for your comments.. will this call get dismissed incase the underlying does not break below 96 by end of today? I mean if it does not break below 96 today but breaks tomorrow can i go short?

  3. Levy 6 years ago

    Hi Vignesh,

    Can we call it a Cup pattern ?

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