SCANA Bearish Signs

Published on Thursday, 02 February 2012 18:06 Written by Christian Paolinetti

New York, February 2nd (TradersHuddle.com) - Shares of SCANA Corporation (NYSE:SCG) ended the trading session lower by $0.14 or -0.31% from its previous close. SCANA's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

SCANA Corporation (NYSE:SCG) is a holding company involved in regulated electric and natural gas utility operations, telecommunications, and other energy-related businesses. The Company serves electric customers in South Carolina and natural gas customers in South Carolina, North Carolina, and Georgia.

SCANA's current stock range is defined by calculated support defined at $40.51 and by the resistance level at $45.58, which should be used by traders planning their trades.

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