Candlesticks - Bearish Engulfing Air Products

Published on Thursday, 02 February 2012 18:33 Written by Christian Paolinetti

New York, February 2nd (TradersHuddle.com) - Shares of Air Products and Chemicals, Inc. (NYSE:APD) ended the trading session lower by $0.81 or -0.91% from its previous close. Air Products' price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Air Products and Chemicals, Inc. (NYSE:APD) produces industrial gas and related industrial process equipment. The Company also produces and markets polymer chemicals, performance chemicals, and chemical intermediates. Air Products recovers and distributes a wide variety of gasses for industrial applications, as well as medical and specialty applications.

Air Products' current stock range is defined by calculated support defined at $86.36 and by the resistance level at $92.23, which should be used by traders planning their trades.

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