Is Sohu.com Trade Over?
Published on Thursday, 12 July 2012 04:48 Written by TradersHuddle Wire
New York, July 12th (TradersHuddle.com) - Shares of Sohu.com Inc. (NASDAQ:SOHU) ended the trading session lower by $1.62 or -4.04% from its previous close. Sohu's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Sohu.com Inc. (NASDAQ:SOHU) operates an Internet portal in China. The Company's Web site consists of Chinese language Web navigational and search capabilities, Web-based communications services, and a platform for e-commerce services.
Sohu's current stock range is determined by calculated support defined at $39.78 and by the resistance level at $44.99, which should be used by traders planning their next move.
If traders want to establish a position in Sohu.com, 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 Sohu.com for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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