Praxair Reversal Soon?

Published on Tuesday, 10 January 2012 04:57 Written by Christian Paolinetti

New York, January 10th (TradersHuddle.com) - Shares of Praxair, Inc. (NYSE:PX) ended the trading session lower by $1.04 or -0.96% from its previous close. Praxair's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Praxair, Inc. (NYSE:PX) provider of industrial gases. The Company produces, sells, and distributes atmospheric gases including oxygen, nitrogen, argon, and rare gases, as well as process gases including carbon dioxide, helium, hydrogen, electronics gases, and acetylene.

Praxair's current stock range is defined by calculated support defined at $93.46 and by the resistance level at $109.21, which should be used by traders planning their trades.

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