Is Republic Trade Over?

Published on Thursday, 26 August 2010 23:54 Written by TradersHuddle Staff

New York, August 26th (TradersHuddle.com) - Shares of Republic Services, Inc. (NYSE:RSG) ended the trading session lower by $0.13 or -0.44% from its previous close. Republic's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Republic Services, Inc. (NYSE:RS) provides non-hazardous solid waste collection and disposal services in the United States. The Company provides solid waste collection services for commercial, industrial, municipal, and residential customers.

Republic's current stock range is defined by calculated support defined at $28.97 and by the resistance level at $30.68, which should be used by traders planning their trades.

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