Brookfield Properties Bearish Signs

Published on Monday, 09 January 2012 07:13 Written by TradersHuddle Staff

New York, January 9th (TradersHuddle.com) - Shares of Brookfield Properties Corporation (NYSE:BPO) ended the trading session lower by $0.08 or -0.51% from its previous close. Brookfield's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Brookfield Properties Corporation (NYSE:BPO) owns, develops, and manages North American office properties. Its portfolio comprises various commercial properties from the World Financial Center in New York to Brookfield Place in Toronto, from Darling Park in Sydney to Bank of America Plaza in Los Angeles. The properties attract major financial, energy and professional services corporations which have high credit ratings and maintain long-term leases.

Brookfield's current stock range is defined by calculated support defined at $14.04 and by the resistance level at $16.29, which should be used by traders planning their trades.

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