Is this a Reversal Pattern for Hasbro ?
Published on Saturday, 07 July 2012 09:51 Written by TradersHuddle Wire
New York, July 7th (TradersHuddle.com) - Shares of Hasbro, Inc. (NASDAQ:HAS) ended the trading session lower by $0.44 or -1.28% from its previous close. Hasbro's price action in the session formed what is considered to be a Hammer, where bears drove prices lower intraday. However, the strong finish indicates that bulls regained control, forming a trend reversal.
Hasbro, Inc. (NASDAQ:HAS) designs, manufactures, and markets toys, games, interactive software, puzzles, and infant products in the United States and internationally. The Company's products include a variety of games, including traditional board, card, hand-held electronic, trading card, role-playing and DVD games, as well as electronic learning aids and puzzles as well as dolls and action figures. Some brand names used are PLAYSKOOL, TRANSFORMERS, MY LITTLE PONY, LITTLEST PET SHOP, TONKA, G.I. JOE, and MILTON BRADLEY.
Hasbro's stock has been trading in a well defined range with calculated support at $32.00 and resistance at $34.49. This range can be used by traders to plan their next moves.
Traders wanting to establish a position in Hasbro or traders that are already holding the stock can use the hammer formation to their advantage, since the pattern signal a potential bullish trend reversal.
The Hammer is an important candlestick pattern, as it can mark bottoms and support levels. Further buying pressure, and preferably on expanding volume, is needed before acting, as heavy volume will serve to confirm the validity of the reversal.
In the case of Hasbro, traders who want to add to their positions or start a new position, need to watch for confirmation of the reversal. Below a Hammer illustration:
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