Coca-Cola Enterprises Bearish Signs

Published on Friday, 23 December 2011 04:48 Written by Christian Paolinetti

New York, December 23rd (TradersHuddle.com) - Shares of Coca-Cola Enterprises, Inc. (NYSE:CCE) ended the trading session lower by $0.02 or -0.08% from its previous close. Coca-Cola Enterprises' price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Coca-Cola Enterprises, Inc. (NYSE:CCE) engages in the manufacture, distribution, and marketing of nonalcoholic beverages. The company offers its products principally under the Coca-Cola classic, Sprite, Dasani, POWERADE, Coca-Cola, Diet Coke/Coca-Cola light, Fanta, and Coca-Cola Zero brand names.

Coca-Cola Enterprises' current stock range is defined by calculated support defined at $24.88 and by the resistance level at $26.51, which should be used by traders planning their trades.

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