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Engulfing Bullish
Pattern: reversal Reliability: moderate
Identification
A black day is completely “engulfed” by a large white day that gaps below the black day’s low and rallies to close above its high.
The Psychology
In a downtrend or within a pullback of an uptrend, the gap down may be the blow out that causes the bulls to throw in the towel. When selling abates, bottom fishers and shorts rally the stock to close above the previous day’s high. The bullish Engulfing pattern is very common…literally dozens occur every day and many are just incidental. Watch volume for confirmation.
Identification
A white day is then completely “engulfed” by a large black day which gaps above the white day's high and closes below its low.
The Psychology
In an uptrend or within a bounce of a downtrend, the gap up may be the blow out that causes the shorts to throw in the towel and cover. Meanwhile the smart money is selling and getting short and the selling activity is so intense, the stock closes below the previous day's low. The bullish Engulfing pattern is very common…literally dozens occur every day and many are just incidental. Watch volume for confirmation.
Identification
A long white day is followed by a black day which gaps above the high of the white candle and then closes below the midpoint of the first day's body.
The Psychology
In an uptrend or within a bounce of a downtrend, the stock gaps up and immediately encounters sellers who push the stock back down. This simply signifies the possibility of a reversal that is more reliable if the gap up occurs at resistance and the black day is accompanied by a surge in volume.
Identification
A small real body forms at the upper end of a trading range with a long lower shadow (the longer the more bullish) with no, or almost no upper shadow.
The Psychology
In a downtrend or within a pullback of an uptrend, a sharp intraday sell-off is followed by a reversal which causes the stock to close near its opening price near the day’s high. This hints at the possibility of a reversal. Bulls most likely were shaken out by the intraday weakness, and shorts start getting a little worried with the bounce. The pattern is a slightly more reliable if the real body is white, but a strong following day on solid volume is still needed to confirm the pattern.
The bullish Hammer is similar to the bullish Dragonfly Doji, bearish Hanging Man, and bearish Dragonfly Doji.
Identification
A small real body forms at the lower end of the trading range. The upper shadow is usually no more than twice as long as the real body and there is no or almost no lower shadow.
The Psychology
In a downtrend or during a pullback within an uptrend, the stock gaps down. A valid attempt is made to rally the stock off the bottom, but the strength subsides and the stock falls to close near the day’s low. The rally attempt failed, but it does suggest that there are some bulls out there looking to buy. For a reversal to occur a strong follow up day is needed with solid volume.
The bullish Inverted Hammer is similar to the bearish Shooting Star, bullish Gravestone Doji, and bearish Gravestone Doji and could become the middle day of the bullish Morning Star.
Identification
A long black day is followed by a small day that gaps in the direction of the trend. The third day is a white day which closes in the top half of the black day.
The Psychology
In a downtrend or during a pullback within an uptrend, the market gaps down but enough buyers step in to halt the weakness. The lack of ability of the bears to press the issue indicates the downtrend may be weakening. The gap up and rally that closes the white day above the top half of the black day confirms the reversal if accomplished with a surge in volume.
The bullish Morning Star is similar to the bullish Morning Doji Star, bullish Abandoned Baby, and bullish Doji Star and could be a continuation of the bullish Inverted Hammer.
Identification
A long black day is followed by a Doji that gaps in the direction of the trend. The shadows of the Doji should not be long.
The Psychology
In a downtrend or within a pullback of an uptrend, the market gaps down but does not continue its downward movement. Instead enough bulls step up to bring supply and demand back into equilibrium and the stock churns in place. The halt of the downtrend signifies the possibility of a reversal, so confirmation is needed with a strong third day (preferably with volume behind it).
The bullish Doji Star could be the first two days of the bullish Morning Doji Star or the bullish Abandoned Baby.
Identification
A long black day is followed by a Doji that gaps in the direction of the trend. The third day is a white day which closes in the top half of the black day.
The Psychology
In a downtrend or during a pullback within an uptrend, the market gaps down but does not continue its downward movement. Instead enough bulls step up to bring supply and demand back into equilibrium and the stock churns in place. This is the bullish Doji Star formation. A subsequent follow through gap up that closes above the midpoint of the black day completes the Morning Doji Star and confirms the reversal.
The bullish Morning Doji Star is similar to the bullis
Identification
A long black day is followed by a white day that gaps below the black day’s low and closes within and above the midpoint of the black day’s body.
The Psychology
In a downtrend or during a pullback within an uptrend, the stock gaps down, finds some buyers and then rallies. This simply signifies the possibility of a reversal that is more reliable if the gap down occurs at support and the white day is accompanied by a surge in volume.
The bullish Piercing Line is similar to bearish On Neck, bearish In Neck, bearish Thrusting, bullish Engulfing,
