Three Outside Up pattern is another name for confirmed Bullish Engulfing Pattern. It is a bullish reversal pattern. In this pattern, first candle is a small black candle, closing at its low. Second candle engulfs completely the previous candle and closes near its high, thus creating a lon, white candle. Third candle breaks the high of the second candle and closes even higher.
Strategy: The high of the third candle should be broken successfully, before initiating new long positions.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
