Candlesticks - Bearish Engulfing Landstar
Published on Sunday, 27 May 2012 21:09 Written by TradersHuddle Wire
New York, May 27th (TradersHuddle.com) - Shares of Landstar System, Inc. (NASDAQ:LSTR) ended the trading session lower by $0.76 or -1.4% from its previous close. Landstar's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Landstar System, Inc. (NASDAQ:LSTR) is a North American truckload carrier. The Company provides truckload carrier services, intermodal transportation services, and expedited air and truck services to shippers in Northamerica and around the world.
Landstar's current stock range is determined by calculated support defined at $52.09 and by the resistance level at $56.06, which should be used by traders planning their next move.
If traders want to establish a position in Landstar, 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 Landstar for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: