Bulls taking Control of CIGNA?
Published on Saturday, 28 July 2012 11:54 Written by TradersHuddle Wire
New York, July 28th (TradersHuddle.com) - Shares of CIGNA Corporation (NYSE:CI) ended the trading session higher by $1.73 or 4.36% from its previous close. CIGNA'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.
CIGNA Corporation (NYSE:CI), through its subsidiaries, provides group life and health insurance, managed care products and services, retirement products and services, and individual financial services worldwide. The Company also sells individual life and health insurance and annuity products in selected international locations.
CIGNA's recent stock range was formed by a trough where calculated support was defined at $39.31 and by a peak that established the resistance level at $46.42. This range could be used by traders managing their positions.
Traders wanting to establish a position in CIGNA 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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