Thermo Fisher, Reversal Soon?

Published on Tuesday, 12 June 2012 04:18 Written by TradersHuddle Wire

New York, June 12th (TradersHuddle.com) - Shares of Thermo Fisher Scientific, Inc. (NYSE:TMO) ended the trading session lower by $0.72 or -1.42% from its previous close. Thermo Fisher's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Thermo Fisher Scientific, Inc. (NYSE:TMO) manufactures scientific instruments, consumables, and chemicals. The Company offers analytical instruments, laboratory equipment, software, services, consumables, reagents, chemicals, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies.

Thermo Fisher's current stock range is determined by calculated support defined at $48.14 and by the resistance level at $51.23, which should be used by traders planning their next move.

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