Candlesticks - Bearish Engulfing MBIA
Published on Thursday, 09 August 2012 04:51 Written by TradersHuddle Wire
New York, August 9th (TradersHuddle.com) - Shares of MBIA Inc. (NYSE:MBI) ended the trading session lower by $0.16 or -1.77% from its previous close. MBIA's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
MBIA Inc. (NYSE:MBI) provides financial guarantee insurance and other forms of credit protection. The Company also offers investment management services to public finance and structured finance issuers, investors and capital market participants.
MBIA's current stock range is determined by calculated support defined at $8.80 and by the resistance level at $10.14, which should be used by traders planning their next move.
If traders want to establish a position in MBIA, 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 MBIA for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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