Are the Bears Taking Control over Harsco?

Published on Friday, 27 August 2010 00:39 Written by Christopher Lynn

New York, August 27th (TradersHuddle.com) - Shares of Harsco Corporation (NYSE:HSC) ended the trading session lower by $0.42 or -2.03% from its previous close. Harsco's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Harsco Corporation (NYSE:HSC) is an industrial services and engineered products company. The Company offers industrial mill services, gas control, and containment products, scaffolding services, and railway maintenance.

Harsco's current stock range is defined by calculated support defined at $20.04 and by the resistance level at $27.50, which should be used by traders planning their trades.

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