Candlesticks - Bearish Engulfing MasTec

Published on Sunday, 20 November 2011 10:18 Written by Christian Paolinetti

New York, November 20th (TradersHuddle.com) - Shares of MasTec Inc. (NYSE:MTZ) ended the trading session lower by $0.07 or -0.42% from its previous close. MasTec's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

MasTec Inc. (NYSE:MTZ), is a specialty contractor operating across a range of industries. The Companys activities are the building, installation, maintenance and upgrade of utility and communications infrastructure, including electrical utility transmission and distribution, windfarms, solar farms, other renewable energy and natural gas infrastructure, wireless, and wireline.

MasTec's current stock range is defined by calculated support defined at $16.28 and by the resistance level at $17.48, which should be used by traders planning their trades.

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