Marico among seven stocks showing White Marubozu pattern
Five Nifty500 stocks that gained more than 4 per cent appeared on a bullish scanner on November 3, according to StockEdge.
Marico is among seven stocks displaying a White Marubozu pattern, according to technical scan data from StockEdge reported by The Economic Times on November 3.
The data showed that five Nifty500 stocks, which recorded gains exceeding 4 per cent, appeared on the White Marubozu bullish scanner.
In technical analysis, a White Marubozu is a bullish candlestick pattern where the opening price is the lowest point of the session and the closing price is the highest.
This pattern is shown by a long white or green candlestick that has no upper shadow and minimal to no lower shadow.
The pattern indicates strong upward price movement during a session, as the price moves from the opening level toward the session high by the close.
Technical analysts commonly study this pattern as an indicator of price momentum.