Protective Life Bearish Signs

Published on Tuesday, 20 December 2011 04:45 Written by Danny Miller

New York, December 20th (TradersHuddle.com) - Shares of Protective Life Corporation (NYSE:PL) ended the trading session lower by $0.68 or -3.24% from its previous close. Protective Life's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Protective Life Corporation (NYSE:PL) provides financial services through the production, distribution, and administration of insurance and investment products. The Company markets individual life insurance, credit life and disability insurance, guaranteed investment contracts, guaranteed funding agreements, and annuities.

Protective Life's current stock range is defined by calculated support defined at $20.50 and by the resistance level at $23.09, which should be used by traders planning their trades.

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