WESCO Reversal Soon?

Published on Wednesday, 30 November 2011 04:09 Written by Christopher Lynn

New York, November 30th (TradersHuddle.com) - Shares of WESCO International, Inc. (NYSE:WCC) ended the trading session lower by $0.68 or -1.42% from its previous close. WESCO's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

WESCO International, Inc. (NYSE:WCC) distributes electrical products and other industrial maintenance, repair, and operating supplies. The Company also provides integrated supply services.

WESCO's current stock range is defined by calculated support defined at $44.77 and by the resistance level at $51.30, which should be used by traders planning their trades.

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