Binary Signal Pattern 15

Binary Signal Pattern 15

In the above picture the reversal candlestick looks like the Bullish Engulfing. It has Upper and lower tails therefore it acts as a Bullish Engulfing. The Bullish Engulfing Candlestick pattern is a powerful bullish reversal pattern. It occurs in a downtrend or in the support areas. It is engulfing because it engulfs the previous bearish candle. The opening price of the bullish engulfing candle may be lower than the closing price of the previous day bearish candle, but the closing price of the second day candle must be higher than the opening of the previous day bearish candle.