Candlesticks - Bearish Engulfing CareFusion
Published on Thursday, 24 May 2012 04:51 Written by TradersHuddle Wire
New York, May 24th (TradersHuddle.com) - Shares of CareFusion Corporation (NYSE:CFN) ended the trading session lower by $0.4 or -1.62% from its previous close. CareFusion's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
CareFusion Corporation (NYSE:CFN) provides health care products and services. The Company offers products that focus on breaking the cycle of harmful medication errors and reducing hospital acquired infections. Some of its products include IV pumps, automated dispensing and patient identification systems.
CareFusion's current stock range is determined by calculated support defined at $24.56 and by the resistance level at $27.29, which should be used by traders planning their next move.
If traders want to establish a position in CareFusion, 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 CareFusion for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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