Bears Appeared - NV Energy

Published on Friday, 03 February 2012 04:27 Written by Christian Paolinetti

New York, February 3rd (TradersHuddle.com) - Shares of NV Energy, Inc. (NYSE:NVE) ended the trading session lower by $0.12 or -0.73% from its previous close. NV Energy's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

NV Energy, Inc. (NYSE:NVE), through its subsidiaries, generates, transmits, and distributes electric energy throughout Nevada and the Lake Tahoe area of California. The Company provides natural gas services in the Reno Sparks area of Nevada.

NV Energy's current stock range is defined by calculated support defined at $15.70 and by the resistance level at $16.61, which should be used by traders planning their trades.

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