Owens Corning Had a Bearish Engulfing Candle

Published on Wednesday, 01 September 2010 17:39 Written by Christian Paolinetti

New York, September 1st (TradersHuddle.com) - Shares of Owens Corning Inc. (NYSE:OC) ended the trading session lower by $0.2 or -0.74% from its previous close. Owens Corning's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Owens Corning Inc. (NYSE:OC) is a material company that opertes in the buidling and cnstruction industries. It offers insulation, roofing, siding, basement and acoustic systems for building and remodeling. The company also produces composites solutions and asphalt.

Owens Corning's current stock range is defined by calculated support defined at $26.73 and by the resistance level at $28.50, which should be used by traders planning their trades.

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