Cameron International Reversal Soon?

Published on Friday, 20 January 2012 18:33 Written by Danny Miller

New York, January 20th (TradersHuddle.com) - Shares of Cameron International Corporation (NYSE:CAM) ended the trading session lower by $0.9 or -1.66% from its previous close. Cameron's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Cameron International Corporation (NYSE:CAM) manufactures oil and gas pressure control equipment, including valves, wellheads, chokes, and assembled systems. The company also produces gas turbines, centrifugal gas and air compressors, and other products.

Cameron's current stock range is defined by calculated support defined at $44.77 and by the resistance level at $52.55, which should be used by traders planning their trades.

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