Western Refining Had a Bearish Engulfing Candle

Published on Friday, 27 January 2012 04:57 Written by TradersHuddle Staff

New York, January 27th (TradersHuddle.com) - Shares of Western Refining, Inc. (NYSE:WNR) ended the trading session lower by $0.54 or -3.31% from its previous close. Western Refining's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Western Refining, Inc. (NYSE:WNR) is an independent oil refiner and marketer headquartered in El Paso, Texas. The company refines crude oil and markets petroleum products, primarily gasoline, diesel, and jet fuel.

Western Refining's current stock range is defined by calculated support defined at $12.88 and by the resistance level at $16.44, which should be used by traders planning their trades.

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