Allegheny Energy Bearish Signs

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Allegheny Energy Bearish Signs

Published on Thursday, 09 September 2010 01:45 Written by TradersHuddle Staff

aye New York, September 9th (TradersHuddle.com) - Shares of Allegheny Energy, Inc. (NYSE:AYE) ended the trading session lower by $0.11 or -0.47% from its previous close. Allegheny Energy's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Allegheny Energy, Inc. (NYSE:AYE) is an electric utility holding company. The Company, through various subsidiaries, serves customers in parts of Pennsylvania, West Virginia, Maryland and Virginia.

Allegheny Energy's current stock range is defined by calculated support defined at $21.69 and by the resistance level at $24, which should be used by traders planning their trades.

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

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