Commercial Metals, Reversal Soon?
Published on Wednesday, 16 May 2012 04:27 Written by TradersHuddle Wire
New York, May 16th (TradersHuddle.com) - Shares of Commercial Metals Company (NYSE:CMC) ended the trading session lower by $0.2 or -1.51% from its previous close. Commercial Metals' price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Commercial Metals Company (NYSE:CMC) and its subsidiaries manufacture, recycle, and market steel and metal products and related materials. The Company markets and trades primary and secondary metals, steel, ores, concentrates, industrial minerals, ferroalloys, chemicals, and other materials used in a variety of industries.
Commercial Metals' current stock range is determined by calculated support defined at $13.02 and by the resistance level at $15.18, which should be used by traders planning their next move.
If traders want to establish a position in Commercial Metals, 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 Commercial Metals for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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