Candlesticks - Bearish Engulfing Cytec

Published on Wednesday, 18 January 2012 04:27 Written by Christian Paolinetti

New York, January 18th (TradersHuddle.com) - Shares of Cytec Industries Inc. (NYSE:CYT) ended the trading session lower by $0.21 or -0.42% from its previous close. Cytec's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Cytec Industries Inc. (NYSE:CYT) manufactures, and markets specialty chemicals, specialty materials, and building block chemicals. The Company serves various end users including aerospace, plastics, coatings, mining, paper, water treatment, and automotive industries.

Cytec's current stock range is defined by calculated support defined at $43.37 and by the resistance level at $51.09, which should be used by traders planning their trades.

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