Is McClatchy Trade Over?

Published on Friday, 03 February 2012 23:33 Written by TradersHuddle Staff

New York, February 3rd (TradersHuddle.com) - Shares of McClatchy Company (NYSE:MNI) ended the trading session higher by $0.04 or 1.67% from its previous close. McClatchy's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

The McClatchy Company (NYSE:MNI) publishes daily and non-daily newspapers across the United States. The Company also owns and operates other media-related businesses, including a national online publishing operation, as well as a national newspaper marketing company.

McClatchy's current stock range is defined by calculated support defined at $2.33 and by the resistance level at $2.58, which should be used by traders planning their trades.

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