Con-way Had a Bearish Engulfing Candle
Published on Monday, 23 January 2012 19:30 Written by Christian Paolinetti
New York, January 23rd (TradersHuddle.com) - Shares of Con-way Inc. (NYSE:CNW) ended the trading session lower by $0.74 or -2.34% from its previous close. Con-way's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Con-way Inc. (NYSE:CNW) is a freight transportation and logistics company. The Company provides global supply chain solutions for manufacturing, industrial, retail, and governmenthas. It has businesses in less-than-truckload and full truckload freight services, expedite, brokerage, airfreight forwarding, logistics, warehousing, supply chain management, and trailer manufacturing.
Con-way's current stock range is defined by calculated support defined at $28.26 and by the resistance level at $30.32, which should be used by traders planning their trades.
Traders wanting to establish a position in Con-way stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Con-way 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:
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