Brunswick Had a Bearish Engulfing Candle

Published on Friday, 27 January 2012 04:54 Written by TradersHuddle Staff

New York, January 27th (TradersHuddle.com) - Shares of Brunswick Corporation (NYSE:BC) ended the trading session lower by $0.69 or -3.19% from its previous close. Brunswick's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Brunswick Corporation (NYSE:BC) manufactures consumer products serving both the outdoor and indoor active recreation markets. Its products include sterndrives, outboard and inboard marine engines, fitness, billiards, bowling equipment. Brunswick also manufactures pleasure, fishing, and high performance boats. The company sells its products through brands such as Brunswick, Mercury, Life Fitness, Hatteras, and Cabo Yacht.

Brunswick's current stock range is defined by calculated support defined at $15.92 and by the resistance level at $20.56, which should be used by traders planning their trades.

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