Cabela's Bearish Signs
Published on Thursday, 12 July 2012 04:03 Written by TradersHuddle Wire
New York, July 12th (TradersHuddle.com) - Shares of Cabela's Incorporated (NYSE:CAB) ended the trading session lower by $0.46 or -1.17% from its previous close. Cabela's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Cabela's Incorporated (NYSE:CAB) retails hunting, fishing, camping, and outdoor sports products and apparel. The Company markets its products through its retail stores, website, and catalog. Its retail stores also offer in-house clinics associated with hunting, fishing, and camping.
Cabela's current stock range is determined by calculated support defined at $34.24 and by the resistance level at $39.48, which should be used by traders planning their next move.
If traders want to establish a position in Cabela's, 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 Cabela's for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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