Are the Bears Taking Control over Mastercard?
Published on Monday, 02 April 2012 04:06 Written by TradersHuddle Wire
New York, April 2nd (TradersHuddle.com) - Shares of MasterCard, Inc. (NYSE:MA) ended the trading session lower by $3.17 or -0.74% from its previous close. Mastercard's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
MasterCard, Inc. (NYSE:MA) is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.
Mastercard's current stock range is determined by calculated support defined at $406.28 and by the resistance level at $437.56, which should be used by traders planning their next move.
If traders want to establish a position in Mastercard, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Mastercard for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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