"Trading In Bullish Engulfing Pattern"

Hey Elite Traders,

Bullish Engulfing Pattern is a two candle reversal pattern. The last completed candle has a strong body that covers the previous candle with a very short shadow. If the close of the last candle very near to high then it works really good sometimes it gives near about 7% target from close. I have found a few stocks that we will observe them.

Note: The last completed candle's close should at least be above 38.2% of its range (Range=high-Low) from high

1) SBIN

Daily Time Frame

Trade Set-Up: Trade can be initiated only when the price should breach 274. price breaching 274 means that it has been broken daily resistance when resistance breaks the previous support gets upward side which is 249.57 when price reverses (249.57) to this price then we can trade for this price with the stop-loss price of 242. Risk Reward ratio depends on how closer price from 249.57 you buy
Target: 289.82

2) RELIANCE INDUSTRIES

DAILY CHART

BREAKOUT: 1200
SUPPORT: 1228.62 AFTER BREACHES BREAKOUT
STOPLOSS: 1109
TARGET: 1320

3) ACC

DAILY CHART

BREAKOUT: 1261
SUPPORT: 1199.41 AFTER BREACHES BREAKOUT
STOPLOSS: 1183
TARGET: 1315

4) TATA STEEL LIMITED

DAILY CHART

BREAKOUT: 364
SUPPORT: 336..76 AFTER BREACHES BREAKOUT
STOPLOSS: 327
TARGET: 375