Candlesticks - Bearish Engulfing Nash Finch

Published on Friday, 03 February 2012 04:15 Written by Christian Paolinetti

New York, February 3rd (TradersHuddle.com) - Shares of Nash Finch Company (NASDAQ:NAFC) ended the trading session lower by $0.49 or -1.67% from its previous close. Nash Finch's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Nash Finch Company (NASDAQ:NAFC) is a food distributor that supplies products to independent supermarkets and military bases in the United States. The Company also owns and operates retail stores, principally supermarkets under the Econofoods, AVANZA, Family Thrift Center, Pickn Save, and Sun Mart trade names.

Nash Finch's current stock range is defined by calculated support defined at $27.86 and by the resistance level at $29.39, which should be used by traders planning their trades.

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