Engulfing pattern on URC

URC is showing a reversal pattern via the Engulfing pattern on its last two candlesticks. Will it reverse the trend at this time? We have seen URC drop hard last Thursday followed by another drop the next day but today the bulls came out and push the price up.

Engulfing patterns are not so strong though. With current market situation one must be careful and act immediately if this reversal pattern will not be confirmed.

Kijun Sen line seems to move horizontally, will it attract the price to come near it?

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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