Is Teledyne Trade Over?

Published on Wednesday, 11 July 2012 04:48 Written by TradersHuddle Wire

New York, July 11th (TradersHuddle.com) - Shares of Teledyne Technologies Incorporated (NYSE:TDY) ended the trading session lower by $0.8 or -1.29% from its previous close. Teledyne's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Teledyne Technologies Incorporated (NYSE:TDY) provides electronic and communication products, for wireless and satellite systems, and communications equipment for aircraft. The Company also manufactures aviation and missile engines, on-site power generation systems, and provides systems engineering solutions and information technology for space, defense and industrial applications.

Teledyne's current stock range is determined by calculated support defined at $59.06 and by the resistance level at $63.80, which should be used by traders planning their next move.

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