With a weak open and strong close in the stock market, quite a few stocks made the Bullish Engulfing and Piercing Pattern scans. In particular, CIT Group (CIT) formed a bullish engulfing within a triangle pattern. A follow through breakout would confirm this bullish candlestick reversal.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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