Published on: December 21, 2023
In the aftermath of reaching an all-time high during the early hours of the trading session yesterday, the Indian equity markets experienced a notable shift in momentum as the day progressed. The latter half of the trading day was notably dominated by bears, with the market sentiment taking a downturn.
Amidst this bearish turn, one particular candlestick pattern that swiftly comes to mind, even without glancing at the charts, is the Bearish Engulfing pattern.
The Bearish Engulfing Candlestick pattern is a significant reversal pattern in technical analysis that often signals a potential trend reversal from bullish to bearish. This pattern consists of two candles, with the first being a smaller bullish candle followed by a larger bearish candle that completely engulfs the body of the preceding candle.
Here are some stats of sectorial indices and stocks where the Bearish Engulfing pattern is visible.
Let’s look at the stats on the number of stocks where this bearish pattern is visible.
You can find the stock list on RZone easily by following these steps.
- Go to Price Scanner from the left side menu
- Select Candlestick Scanner
- Select the Group you wish to scan for
- Under Condition, Select Engulfing Pattern Bearish
- Finally, click Scan, and you will get the stock list.
Have a Happy Trading Day!
