Are the Bears Taking Control over AAR?
Published on Wednesday, 27 June 2012 04:42 Written by TradersHuddle Wire
New York, June 27th (TradersHuddle.com) - Shares of AAR Corp. (NYSE:AIR) ended the trading session higher by $0.06 or 0.51% from its previous close. AAR's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
AAR Corp. (NYSE:AIR) is a leading provider of diverse products and services to the worldwide commercial aviation and defense industries. The Company purchases, sells, and leases new and used commercial jet aircraft, as well as purchases, sells, and leases a variety of new, overhauled, and repaired engines and engine products for the aviation aftermarket.
AAR's current stock range is determined by calculated support defined at $10.00 and by the resistance level at $12.17, which should be used by traders planning their next move.
If traders want to establish a position in AAR, 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 AAR for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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