Warner Chilcott Had a Bearish Engulfing Candle

Published on Thursday, 09 September 2010 01:27 Written by Danny Miller

New York, September 9th (TradersHuddle.com) - Shares of Warner Chilcott PLC (NASDAQ:WCRX) ended the trading session lower by $0.21 or -0.71% from its previous close. Warner Chilcot's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Warner Chilcott PLC (NASDAQ:WCRX) is an Irish specialty pharmaceutical company. The Company is focused on marketing, selling, developing and manufacturing branded prescription pharmaceutical products in gastroenterology, women's healthcare, urology and dermatology in the United States and Europe.

Warner Chilcot's current stock range is defined by calculated support defined at $27.99 and by the resistance level at $29.65, which should be used by traders planning their trades.

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