Is General Cable Trade Over?

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Is General Cable Trade Over?

Published on Thursday, 26 August 2010 17:57 Written by TradersHuddle Staff

bgc New York, August 26th (TradersHuddle.com) - Shares of General Cable Corporation (NYSE:BGC) ended the trading session lower by $0.63 or -2.81% from its previous close. General Cable's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

General Cable Corporation (NYSE:BGC) develops, manufactures, markets, and distributes copper, aluminum, and fiber optic wire and cable products for the communications, electrical, and energy markets.

General Cable's current stock range is defined by calculated support defined at $21.81 and by the resistance level at $24.43, which should be used by traders planning their trades.

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

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