Bulls taking Control of Fresh Del Monte?
Published on Thursday, 12 July 2012 04:12 Written by TradersHuddle Wire
New York, July 12th (TradersHuddle.com) - Shares of Fresh Del Monte Produce Inc. (NYSE:FDP) ended the trading session higher by $0.13 or 0.56% from its previous close. Fresh Del Monte'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.
Fresh Del Monte Produce Inc. (NYSE:FDP) produces and markets bananas, pineapples, deciduous fruit, melons, and other fresh produce and non-produce items. The Company grows, distributes, transports, and markets its products worldwide.
Fresh Del Monte's recent stock range was formed by a trough where calculated support was defined at $22.28 and by a peak that established the resistance level at $23.86. This range could be used by traders managing their positions.
Traders wanting to establish a position in Fresh Del Monte 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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