The IWM ETF which tracks the Russel 2000 index put in an outside reversal, or bearish engulfing, candle today which eclipsed the 6 prior daily candles. When the body of a price candle completely engulfs the prior candle it is called a bearish engulfing candle. Since todays candle also engulfed the 5 candles prior to yesterdays it is called a bearish engulfing...
What started off as a strong move higher today with a slight gap at the open, ended with price filling the opening gap and finishing in the red for the day. In the process, SPY has put in an outside reversal, or bearish engulfing candle, which eclipsed the three prior daily candles. When the body of the current daily candle engulfs the previous daily candle it...
An outside reversal is a price pattern that indicates a potential change in trend on a price chart. The two-candle pattern is observed when a security's high and low prices exceed the high and low of the previous candle's trading session. This past week's high and low exceed the high and low of the previous week.
I'm working on a new technical analysis indicator that identifies candlestick patterns through an AI algorithm. Today it spotted an outside reversal candle on #MELI right at a very important support. What do you think about it?