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As per the attached chart in Seq1, the engulfing is seen after significant increase in price and increase in volume witnessed on the engulfing day.
Trade Plan: Direction – Bearish, Position -Short, Entry below 376, SL 401, Target 351
In Seq 2, the engulfing is seen but the trend before engulfing is not fully bearish(there are upward movements as well) and the volume on engulfing or the last 2 days are not sufficient. Hence, not recommended to consider this as bullish engulfing.
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