Is Altera Trade Over?

Published on Friday, 22 June 2012 04:24 Written by TradersHuddle Wire

New York, June 22nd (TradersHuddle.com) - Shares of Altera Corporation (NASDAQ:ALTR) ended the trading session lower by $1.21 or -3.53% from its previous close. Altera's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Altera Corporation (NASDAQ:ALTR) designs, manufactures, and markets programmable logic devices and associated development tools. The Company's products, include a variety of programmable logic devices and hardcopy application-specific integrated circuits. Altera serves customers primarily in the communications, computer and storage, industrial, and consumer sectors

Altera's current stock range is determined by calculated support defined at $32.28 and by the resistance level at $34.53, which should be used by traders planning their next move.

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