Candlesticks - Bearish Engulfing Hess

Published on Thursday, 26 April 2012 04:57 Written by TradersHuddle Wire

New York, April 26th (TradersHuddle.com) - Shares of Hess Corporation (NYSE:HES) ended the trading session lower by $3.86 or -7.01% from its previous close. Hess' price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Hess Corporation (NYSE:HES) is a global integrated energy company based in New York, NY. The Company explores for, produces, markets, and refines crude oil and natural gas. The company operates in two segments, Exploration and Production and Marketing and Refining.

Hess' current stock range is determined by calculated support defined at $53.08 and by the resistance level at $67.86, which should be used by traders planning their next move.

If traders want to establish a position in Hess, 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 Hess for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: