Bears Appeared - Omnicare

Published on Friday, 27 January 2012 04:21 Written by Danny Miller

New York, January 27th (TradersHuddle.com) - Shares of Omnicare, Inc. (NYSE:OCR) ended the trading session lower by $0.37 or -1.11% from its previous close. Omnicare's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Omnicare, Inc. (NYSE:OCR), based in Covington, Kentucky, is a leading provider of pharmaceutical care for the elderly. Omnicare serves residents in long-term care facilities, chronic care and other settings in 47 states, the District of Columbia and Canada. Omnicare is the largest U.S. provider of professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other institutional healthcare providers as well as for hospice patients in homecare and other settings. Its pharmacy services also include distribution and patient assistance services for specialty pharmaceuticals. Omnicare also offers clinical research services for the pharmaceutical and biotechnology industries in 31 countries worldwide.

Omnicare's current stock range is defined by calculated support defined at $32.12 and by the resistance level at $34.65, which should be used by traders planning their trades.

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