The powerful aspect of the Engulfing Pattern is that it signifies a strong likelihood of reversal in the market. The buyers or sellers have been been aggressive enough to bring back the price to a level beyond the extreme level of the previous day.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.