Manpower, Reversal Soon?

Published on Thursday, 02 August 2012 04:33 Written by TradersHuddle Wire

New York, August 2nd (TradersHuddle.com) - Shares of Manpower Inc. (NYSE:MAN) ended the trading session lower by $0.4 or -1.12% from its previous close. Manpower's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Manpower Inc. (NYSE:MAN) provides employment services through offices located around the world. Its principal operations include temporary staffing services, contract services, and training and testing of temporary and permanent workers.

Manpower's current stock range is determined by calculated support defined at $30.53 and by the resistance level at $35.96, which should be used by traders planning their next move.

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