Loews Had a Bearish Engulfing Candle

Published on Friday, 10 February 2012 09:15 Written by TradersHuddle Wire

New York, February 10th (TradersHuddle.com) - Shares of Loews Corporation (NYSE:L) ended the trading session lower by $0.1 or -0.26% from its previous close. Loews' price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Loews Corporation (NYSE:L) is a diversified holding company. The Company, through its subsidiaries, is involved in a variety of businesses including commercial property-casualty insurance, offshore drilling, natural gas exploration and production, operation of natural gas pipeline systems, and the operation of hotels and resorts.

Loews' current stock range is defined by calculated support defined at $37.02 and by the resistance level at $38.34, which should be used by traders planning their trades.

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