These 4 stocks form bullish engulfing pattern; indicate positive trend
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Positive Trend
On the candlestick screener, a bullish reversal pattern helps identify stocks that can move upwards from a downtrend. Here are 4 stocks with m-cap of over Rs 1000 crore that have established a bullish engulfing pattern on Tuesday and hint at bullish reversal in the future. (Source: StockEdge)
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What is a bullish engulfing pattern?
This is a 2-candlestick pattern in which the first candle has a red body followed by another with a long green body, which engulfs the former.
If the pattern appears after a downtrend, probability of a bullish reversal increases if price trades above the high of 2 candles.
If the pattern appears after a downtrend, probability of a bullish reversal increases if price trades above the high of 2 candles.
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Kirloskar Oil Engines
Closing price as on July 11: Rs 411.9 | Performance: 5.5%
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Indiamart Intermesh
Closing price as on July 11: Rs 2771.95 | Performance: 4.6%
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Hariom Pipe Industrie
Closing price as on July 11: Rs 644.1 | Performance: 4.5%
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Indian Hume Pipe Company
Closing price as on July 11: Rs 240 | Performance: 3.1%