Are the Bears Taking Control over Spirit AeroSystems?

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Are the Bears Taking Control over Spirit AeroSystems?

Published on Thursday, 09 February 2012 05:03 Written by TradersHuddle Wire

spr New York, February 9th (TradersHuddle.com) - Shares of Spirit AeroSystems Holdings Inc. (NYSE:SPR) ended the trading session lower by $0.56 or -2.34% from its previous close. Spirit AeroSystems' price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Spirit AeroSystems Holdings Inc. (NYSE:SPR) designs and manufactures aerostructures including fuselages, propulsion systems and wing systems for commercial and military aircrafts.

Spirit AeroSystems' current stock range is defined by calculated support defined at $22.25 and by the resistance level at $23.97, which should be used by traders planning their trades.

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