Are the Bears Taking Control over Fidelity National?

Published on Thursday, 29 December 2011 00:21 Written by Christian Paolinetti

New York, December 29th (TradersHuddle.com) - Shares of Fidelity National Information Services, Inc. (NYSE:FIS) ended the trading session lower by $0.32 or -1.2% from its previous close. Fidelity's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Fidelity National Information Services, Inc. (NYSE:FIS) is a payment services provider. The Company provides credit and debit card processing, electronic banking services, check risk management, check cashing, and merchant card processing services to financial institutions and merchants.

Fidelity's current stock range is defined by calculated support defined at $22.53 and by the resistance level at $26.84, which should be used by traders planning their trades.

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