Candlesticks - Bearish Engulfing TIBCO

Published on Wednesday, 08 February 2012 04:54 Written by TradersHuddle Wire

New York, February 8th (TradersHuddle.com) - Shares of TIBCO Software Inc. (NASDAQ:TIBX) ended the trading session flat by $0 or 0% from its previous close. TIBCO's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

TIBCO Software Inc. (NASDAQ:TIBX) is a leading independent provider of business integration software. The company develops and markets software solutions for use in the integration of business information, processes and applications. TIBCO's enterprise software helps companies achieve service-oriented architecture and business process management success.

TIBCO's current stock range is defined by calculated support defined at $22.90 and by the resistance level at $28.38, which should be used by traders planning their trades.

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