weekly looks to have formed a BULLISH THREE OUTSIDE UP
Type: Reversal Relevance: Bullish Prior Trend: Bearish Reliability: High Confirmation: Suggested No. of Sticks: 3
Definition: Get the highest rated stock from Americanbulls for this pattern >>>
The Bullish Three Outside Up Pattern is simply another name for the Confirmed Bullish Engulfing Pattern. The third day is confirmation of the bullish trend reversal.
Recognition Criteria:
1. Market is characterized by downtrend. 2. We see a Bullish Engulfing Pattern in the first two days. 3. The third day is a white candlestick with a higher close than the second day.
Explanation: The first two days of this three-day pattern is simply a Bullish Engulfing Pattern, and the third day confirms the reversal suggested by the Bullish Engulfing Pattern since it is a white candlestick closing with a new high for the last three days.
Important Factors:
The reliability of this pattern is very high, but still a confirmation in the form of a white candlestick with a higher close or a gap-up is suggested.
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