Oshkosh Bearish Signs
Published on Friday, 11 May 2012 04:30 Written by TradersHuddle Wire
New York, May 11th (TradersHuddle.com) - Shares of Oshkosh Corporation (NYSE:OSK) ended the trading session lower by $0.3 or -1.35% from its previous close. Oshkosh's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Oshkosh Corporation (NYSE:OSK) designs, manufactures and markets severe heavy duty all wheel drive defense or military trucks, aircraft or emergency rescue and firefighting vehicles. The Company provides products such as pumpers, aerial and ladder trucks, tankers, rescue vehicles, snow removal vehicles, refuse truck bodies, and concrete mixers.
Oshkosh's current stock range is determined by calculated support defined at $21.75 and by the resistance level at $23.77, which should be used by traders planning their next move.
If traders want to establish a position in Oshkosh, 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 Oshkosh for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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