Mettler-Toledo Reversal Soon?

Published on Wednesday, 08 September 2010 02:03 Written by TradersHuddle Staff

New York, September 8th (TradersHuddle.com) - Shares of Mettler-Toledo International Inc. (NYSE:MTD) ended the trading session lower by $1.35 or -1.14% from its previous close. Mettler-Toledo's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Mettler-Toledo International Inc. (NYSE:MTD) manufactures weighing instruments for use in laboratory, industrial, and food retailing applications. The Company also supplies several related analytical and measurement technologies.

Mettler-Toledo's current stock range is defined by calculated support defined at $108.12 and by the resistance level at $119.42, which should be used by traders planning their trades.

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