Amphenol Formed a Bearish Engulfing Candle

Published on Wednesday, 16 May 2012 04:24 Written by TradersHuddle Wire

New York, May 16th (TradersHuddle.com) - Shares of Amphenol Corporation (NYSE:APH) ended the trading session higher by $0.09 or 0.17% from its previous close. Amphenol's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Amphenol Corporation (NYSE:APH) designs, manufactures, and markets electrical, electronic and fiber optic connectors, interconnect systems, and coaxial and flat-ribbon cable. The Company's products are used in a variety of industries, including telephone, wireless, and data communications systems, cable television systems, and commercial and military aerospace electronics.

Amphenol's current stock range is determined by calculated support defined at $52.65 and by the resistance level at $60.19, which should be used by traders planning their next move.

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