Linear Technology Had a Bearish Engulfing Candle

Published on Tuesday, 05 July 2011 17:18 Written by TradersHuddle Staff

New York, July 5th (TradersHuddle.com) - Shares of Linear Technology Corporation (NASDAQ:LLTC) ended the trading session lower by $0.56 or -1.68% from its previous close. Linear Technology's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Linear Technology Corporation (NASDAQ:LLTC) designs, manufactures, and markets a line of linear integrated circuits. Its products include high performance amplifiers, comparators, voltage references, monolithic filters, linear regulators, DC-DC converters, battery chargers, data converters, communications interface circuits, and RF signal conditioning circuits.

Linear Technology's current stock range is defined by calculated support defined at $31.15 and by the resistance level at $35.07, which should be used by traders planning their trades.

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