BF Utilities Ltd forms bearish "Engulfing Line" chart pattern
Recognise has detected an "Engulfing Line(Bearish)" chart pattern formed on BF Utilities Ltd (5324030:BSE).This bearish signal indicated that the stock price may fall from the close of 205.8.Tells Me: The recent uptrend is due reverse, now that selling pressure has overwhelmed prior buying pressure.Following a clear uptrend, we see two candlesticks where the black real body of the second completely envelops the white real body of the first, showing that the bears have taken over from the bulls.This bearish pattern can be seen on the following chart.
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