At 12:56 hrs PG Foils has formed a bearish engulfing candlestick chart pattern today. The Bearish Engulfing Pattern consists of two candlesticks; the first is white and the second black. The black body must totally engulf the body of the first white candlestick. After an advance, the second black candlestick begins to form when residual buying pressure causes the security to open above the previous close. However, sellers step in after this opening gap up and begin to drive prices down. By the end of the session, selling becomes so intense that prices move below the previous open. The resulting candlestick engulfs the previous day\'s body and creates a potential short-term reversal.
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