Holly Had a Bearish Engulfing Candle

Published on Friday, 27 August 2010 00:00 Written by TradersHuddle Staff

New York, August 27th (TradersHuddle.com) - Shares of Holly Corporation (NYSE:HOC) ended the trading session lower by $0.35 or -1.33% from its previous close. Holly's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Holly Corporation (NYSE:HOC), together with its subsidiaries, operates as a petroleum refiner in the United States. The company owns refineries in New Mexico, Oklahoma, and Utah and process sour crude oils into light petroleum products, including gasoline, diesel fuel, jet fuel, fuel oils, and specialty lubricant products.

Holly's current stock range is defined by calculated support defined at $25.74 and by the resistance level at $27.53, which should be used by traders planning their trades.

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