Candlesticks - Bearish Engulfing Newell Rubbermaid

Published on Saturday, 03 December 2011 11:30 Written by Danny Miller

New York, December 3rd (TradersHuddle.com) - Shares of Newell Rubbermaid Inc. (NYSE:NWL) ended the trading session lower by $0.2 or -1.31% from its previous close. Newell Rubbermaid's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Newell Rubbermaid Inc. (NYSE:NWL) manufactures and markets branded consumer and commercial products which are sold through a variety of retail and wholesale distribution channels. Its products include housewares, juvenile products, home furnishings, office products, tools and hardware, and hair accessories. The company sell its products under several brands, including Rubbermaid, Graco, Sharpie, Paper Mate, and Lenox.

Newell Rubbermaid's current stock range is defined by calculated support defined at $14.22 and by the resistance level at $15.53, which should be used by traders planning their trades.

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