New York, July 6th (TradersHuddle.com) - Shares of Arkansas Best Corporation (NASDAQ:ABFS) ended the trading session higher by $0.68 or 5.56% from its previous close. Arkansas Best's price action formed what is considered to be a bullish engulfing candle that could very well signal a continuation of trend or reversal of the ongoing weakness.
Arkansas Best Corporation (NASDAQ:ABFS) is a diversified holding company involved in motor carrier transportation and intermodal transportation operations. The Company transports a variety of goods around the world.
Arkansas Best's recent stock range was formed by a trough where calculated support was defined at $11.68 and by a peak that established the resistance level at $12.93. This range could be used by traders managing their positions.
Traders wanting to establish a position in Arkansas Best or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk, as it shows where the bears were able to push the stock down, before the bulls step in with a bid.
The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:
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