A bullish engulfing pattern is a candlestick pattern that forms when a small black candlestick is followed the next day by a large white candlestick, the body of which completely overlaps or engulfs the body of the previous day’s candlestick.
Bullish engulfing patterns are more likely to signal reversals when they are preceded by four or more black candlesticks.
Investors should look not only to the two candlesticks which form the bullish engulfing pattern but also to the preceding candlesticks.
Script = Cipla
Time Frame = 15 min
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