MSFL takes support at 200sma with bullish engulfing pattern

28 мая 2024 г.

A bullish engulfing pattern, bolstered by the 200-day SMA and heightened trading volume, signals a potential trend reversal.

When the bullish engulfing pattern is formed after a downtrend, it signals the reversal of the trend. There are high possibility that an uptrend can be seen after the formation of this pattern.

What is a Bullish Engulfing Candle?
A Bullish Engulfing Candle is a green candle formed after a red candle. This green candle totally covers the red candle and is bigger than the red candle. In a simpler way, in a bullish engulfing pattern, the red candle appears to be the small shadow of the green candle.


*At times, the 200-day SMA serves as a support level when the price is above the moving average or a resistance level when the price is below it.





Disclaimer- This analysis is solely for educational purposes and does not constitute any recommendation to buy or sell.

30 мая 2024 г.

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