Is American Tower Trade Over?

Published on Monday, 26 July 2010 18:21 Written by TradersHuddle Staff

New York, July 26th (TradersHuddle.com) - Shares of American Tower Corporation (NYSE:AMT) ended the trading session lower by $0.47 or -1% from its previous close. American Tower's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

American Tower Corporation (NYSE:AMT) owns, operates, and develops wireless communications and broadcast towers in the United States. The Company leases antennae sites on multi-tenant towers for a diverse range of wireless communications industries. American Tower also offers a variety of network development services.

American Tower's current stock range is defined by calculated support defined at $43.74 and by the resistance level at $46.75, which should be used by traders planning their trades.

Traders wanting to establish a position in American Tower stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current American Tower 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: