General Cable, Reversal Soon?

Published on Wednesday, 25 July 2012 05:00 Written by TradersHuddle Wire

bgc New York, July 25th (TradersHuddle.com) - Shares of General Cable Corporation (NYSE:BGC) ended the trading session lower by $1.35 or -5.18% from its previous close. General Cable's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

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 current stock range is determined by calculated support defined at $25.48 and by the resistance level at $27.93, which should be used by traders planning their next move.

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

Note - Automated Content Created By TradersHuddle's Technical Scanner

JIM CRAMER wants to work for YOU. JIM does the research -- YOU get email alerts each time he trades. JIM provides access to his actual portfolio -- YOU can use it to guide your portfolio strategy. Try Jim's Action Alerts PLUS for FREE!

TradersHuddle Search

Stock Search:

Site Search:

Loading
Copyright © 2013 TradersHuddle.com. All Rights Reserved.