Bulls in Charge of DTE Energy
Published on Monday, 23 July 2012 04:27 Written by TradersHuddle Wire
New York, July 23rd (TradersHuddle.com) - Shares of DTE Energy Company (NYSE:DTE) ended the trading session higher by $0.22 or 0.36% from its previous close. DTE Energy'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.
DTE Energy Company (NYSE:DTE), a diversified energy company, develops and manages energy-related businesses and services nationwide. The Company, through its subsidiaries, generates, purchases, transmits, distributes, and sells electric energy in southeastern Michigan. DTE is also involved in gas pipelines and storage, unconventional gas exploration, development, and production.
DTE Energy's recent stock range was formed by a trough where calculated support was defined at $49.06 and by a peak that established the resistance level at $60.25. This range could be used by traders managing their positions.
Traders wanting to establish a position in DTE Energy 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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