Candlesticks - Bearish Engulfing Intuitive Surgical

Published on Tuesday, 24 January 2012 04:57 Written by Christian Paolinetti

New York, January 24th (TradersHuddle.com) - Shares of Intuitive Surgical, Inc. (NASDAQ:ISRG) ended the trading session lower by $1.29 or -0.29% from its previous close. Intuitive Surgical's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Intuitive Surgical, Inc. (NASDAQ:ISRG), together with its subsidiaries, engages in the design, manufacture, and marketing of da Vinci surgical systems for use in urologic, gynecologic, cardiothoracic, general, and head and neck surgeries. The da Vinci systems is the breakthrough platform for robotically assisted minimally invasive surgery.

Intuitive Surgical's current stock range is defined by calculated support defined at $429.26 and by the resistance level at $476.49, which should be used by traders planning their trades.

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