Symantec Had a Bearish Engulfing Candle

Published on Monday, 20 June 2011 04:45 Written by TradersHuddle Staff

New York, June 20th (TradersHuddle.com) - Shares of Symantec Corporation (NASDAQ:SYMC) ended the trading session lower by $0.07 or -0.38% from its previous close. Symantec's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Symantec Corporation (NASDAQ:SYMC) provides security, storage, and systems management solutions to secure and manage information. Its principal activities are to provide customers worldwide with software and services that protect, manage and control information risks related to security, data protection, storage, compliance, and systems management.

Symantec's current stock range is defined by calculated support defined at $18.40 and by the resistance level at $20.50, which should be used by traders planning their trades.

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