Candlesticks - Bearish Engulfing Marsh & McLennan

Published on Friday, 03 February 2012 20:33 Written by TradersHuddle Staff

New York, February 3rd (TradersHuddle.com) - Shares of Marsh & McLennan Companies, Inc. (NYSE:MMC) ended the trading session higher by $0.33 or 1.03% from its previous close. Marsh & McLennan's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Marsh & McLennan Companies, Inc. (NYSE:MMC) is a global professional services firm providing advice and solutions to clients worldwide in the areas of risk, strategy and human capital.

Marsh & McLennan's current stock range is defined by calculated support defined at $28.06 and by the resistance level at $32.26, which should be used by traders planning their trades.

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