A downtrend was noticed with a bearish candle covering the previous trend almost above 50% with a short upper tail. The trend reversal was found so a long position can be taken . The entry point was just after trend reversal got closed. Entry point at 59.5with stop loss at 56.3
NCC- Bullish Piercing Pattern
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Stock Analysis
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Bullish View
Bearish View
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Hi,
For bullish piercing pattern, the green body should cover the previous day’s tail.
Hi,
The Bullish Piercing Pattern is a trend reversal pattern that appears at the bottom of a downtrend. The end of the green candlestick should open below the previous day’s low and ends up closing within the price range of the previous day’s real body. The thumb rule is that the bullish candlestick should penetrate and close more than 50% into the previous day’s real body. The green body should cover the previous day’s lower tail.
Sample pic