Ameristar Casinos Reversal Soon?

Published on Tuesday, 24 August 2010 01:21 Written by Christopher Lynn

New York, August 24th (TradersHuddle.com) - Shares of Ameristar Casinos, Inc. (NASDAQ:ASCA) ended the trading session lower by $0.36 or -2.07% from its previous close. Ameristar Casinos' price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Ameristar Casinos, Inc. (NASDAQ:ASCA) is a gaming company that owns and operates casinos and related hotel, entertainment, and food and beverage facilities. Its properties are located in Nevada, Mississippi, Illinois, Missouri, Colorado, Idaho, and Iowa.

Ameristar Casinos' current stock range is defined by calculated support defined at $14.5 and by the resistance level at $17.76, which should be used by traders planning their trades.

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