Alpha Natural Resources Had a Bearish Engulfing Candle

Published on Tuesday, 21 February 2012 04:12 Written by TradersHuddle Wire

New York, February 21st (TradersHuddle.com) - Shares of Alpha Natural Resources, Inc. (NYSE:ANR) ended the trading session lower by $0.79 or -3.78% from its previous close. Alpha Natural's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Alpha Natural Resources, Inc. (NYSE:ANR) extracts, processes, and markets steam and metallurgical coal. The Company conducts operations from surface and underground mines located in the Appalachian region and Colorado, all located in the United States.

Alpha Natural's current stock range is defined by calculated support defined at $19.59 and by the resistance level at $23.68, which should be used by traders planning their trades.

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