Ameristar Casinos Formed a Bearish Engulfing Candle

Published on Sunday, 15 July 2012 10:06 Written by TradersHuddle Wire

New York, July 15th (TradersHuddle.com) - Shares of Ameristar Casinos, Inc. (NASDAQ:ASCA) ended the trading session higher by $0.05 or 0.28% from its previous close. Ameristar Casinos' price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Ameristar Casinos, Inc. (NASDAQ:ASCA) is a gaming company that owns and operates casinos and related hotel, entertainment, and food and beverage facilities. Its properties are located in Nevada, Mississippi, Illinois, Missouri, Colorado, Idaho, and Iowa.

Ameristar Casinos' current stock range is determined by calculated support defined at $17.19 and by the resistance level at $19.38, which should be used by traders planning their next move.

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