Xcel Bearish Signs

Published on Thursday, 09 September 2010 01:42 Written by Christopher Lynn

New York, September 9th (TradersHuddle.com) - Shares of Xcel Energy, Inc. (NYSE:XEL) ended the trading session lower by $0.21 or -0.92% from its previous close. Xcel's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Xcel Energy, Inc. (NYSE:XEL) provides electric and natural gas services. The Company offers a variety of energy-related services, including generation, transmission, and distribution of electricity and natural gas throughout the United States. Xcel utilities serve customers in portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin.

Xcel's current stock range is defined by calculated support defined at $21.41 and by the resistance level at $22.6, which should be used by traders planning their trades.

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