Is Blackstone Trade Over?

Published on Friday, 06 July 2012 04:18 Written by TradersHuddle Wire

New York, July 6th (TradersHuddle.com) - Shares of Blackstone Group LP (NYSE:BX) ended the trading session lower by $0.17 or -1.27% from its previous close. Blackstone's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

The Blackstone Group LP (NYSE:BX) is a global alternative asset manager and provider of financial advisory services. The firm's asset management businesses include the management of corporate private equity funds, real estate funds, mezzanine funds, proprietary hedge funds and closed-end mutual funds. Blackstone also provides M&A and reorganization advisory, as well as private placement services.

Blackstone's current stock range is determined by calculated support defined at $11.76 and by the resistance level at $12.67, which should be used by traders planning their next move.

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