General Cable - Bears taking control?
Published on Friday, 20 July 2012 04:39 Written by TradersHuddle Wire
New York, July 20th (TradersHuddle.com) - General Cable Corporation (NYSE:BGC) closed the trading session lower by $0.44 or -1.59% from its previous close. The latest price action developed a short term reversal pattern in the form of a tweezer top, which is a candlestick pattern that is usually formed at the end of an uptrend. Given that the tweezer top is considered a reversal pattern, traders with long positions need to monitor the price action for confirmation of weakness, and plan the position accordingly.
General Cable Corporation (NYSE:BGC) develops, manufactures, markets, and distributes copper, aluminum, and fiber optic wire and cable products for the communications, electrical, and energy markets.
General Cable's stock has been in a defined range with calculated support at $ and resistance at $. Given the possibility of short-term weakness in the stock's price, this range could be used by traders managing their positions.
Tweezer tops are exactly the opposite of tweezer bottoms, as they define a resistance point for General Cable that needs to be digested prior for the stock to move to a higher level.
Tweezer tops can be formed at the end of an uptrend, at a clear horizontal resistance point, or within a downtrend when price action is dealing with the declining resistance trend. Like any other candlestick pattern, it needs confirmation by trading below the previous day low. Below there is an example of the Tweezer Top reversal pattern:
Related Partner Headlines
- General Cable Announces Closing of $600 Million of Senior Notes Offering - Benzinga
- General Cable Corporation Announces Pricing of $600M of Senior Notes - Benzinga
- Mike Mayo's Baby Bear: Street Whispers - TheStreet.com
- General Cable Corporation to Acquire Alcan Cable, the Wire and Cable Business of Rio Tinto plc for $185M - Benzinga
- General Cable Corporation (BGC): Today's Featured Industrial Goods Loser - TheStreet.com
- General Cable Stock Gaps Down On Today's Open (BGC) - TheStreet.com
- General Cable Corporation Stock Downgraded (BGC) - TheStreet.com
Latest Partner Headlines
Dow Today: Verizon Communications (VZ) Higher - TheStreet.com
Separating the Bargains From the Busts - TheStreet.com
Cramer Quick Take: The 60-Inch TV Will Be Key This Holiday - TheStreet.com
Cramer Quick Take: Cisco Wins If Fiscal Cliff Is Resolved - TheStreet.com
Gap Up and Sit - TheStreet.com
Apple, Intel, MicroStrategy: Tech Winners & Losers - TheStreet.com
Windows 8 PC Sales Disappointing: Report - TheStreet.com
Cramer Quick Take: Buy Home Depot and Lowe's - TheStreet.com
Dow JonesCompany ID [INDEXDJX:.DJI] Last trade:15,354.40 Trade time:4:40PM EDT Value change:▲121.18 (0.80%)
S&P 500Company ID [INDEXSP:.INX] Last trade:1,667.47 Trade time:4:39PM EDT Value change:▲17.00 (1.03%)
NASDAQCompany ID [INDEXNASDAQ:.IXIC] Last trade:3,498.97 Trade time:5:15PM EDT Value change:0.00 (0.00%)
In The Wires
German Federal Joint Committee (G-BA) Issues Final Assessment Report for PIXUVRI® (pixantrone)
IBM Analytics Help Arad Group Manage Big Data for Water Meter Solutions
Ford Fusion Energi Earns Top Vehicle Safety Rating from NHTSA
Live Nation Further Expands Presence In Asia, Forms Joint Venture With Lushington
China Xiniya Fashion Limited Reports 2013 First Quarter Financial Results
The "17 Cheat Foods That Burn Fat" Review and Diet Plan Secrets Revealed by Daily Gossip
Intesa, Unicredit hurt by Italian trials and tribulations according to SNL Financial's recent report
Summit Medical Group Welcomes the Center for Orthopedic Care