Assurant Reversal Soon?

Published on Monday, 19 July 2010 02:42 Written by TradersHuddle Staff

New York, July 19th (TradersHuddle.com) - Shares of Assurant, Inc. (NYSE:AIZ) ended the trading session lower by $0.38 or -1.03% from its previous close. Assurant's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Assurant, Inc. (NYSE:AIZ) provides specialized insurance and insurance-related products. The insurer offers individual and small employer group health insurance, group dental insurance, pre-funded funeral insurance, group disability and life insurance, creditor-placed homeowners insurance, manufactured housing homeowners insurance, debt protection administration, credit insurance, and warranties.

Assurant's current stock range is defined by calculated support defined at $33.95 and by the resistance level at $36.12, which should be used by traders planning their trades.

Traders wanting to establish a position in Assurant stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Assurant shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: