Bears Appeared - Scripps Networks

Published on Monday, 23 January 2012 04:45 Written by Danny Miller

New York, January 23rd (TradersHuddle.com) - Shares of Scripps Networks Interactive (NYSE:SNI) ended the trading session lower by $0.17 or -0.38% from its previous close. Scripps Networks' price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Scripps Networks Interactive (NYSE:SNI) is a leading developer of lifestyle-oriented content for television and the Internet, where on-air programming complements online video, social media areas and e-commerce components on companion Web sites and broadband vertical channels. Its media portfolio includes Lifestyle Media, which comprises popular lifestyle television and Internet brands HGTV, DIY Network, Food Network, Cooking Channel, Travel Channel and country music network Great American Country; and Interactive Services, with leading online search and comparison shopping services bizrate, Shopzilla and beso.

Scripps Networks' current stock range is defined by calculated support defined at $41.06 and by the resistance level at $45.88, which should be used by traders planning their trades.

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