Steelcase, Reversal Soon?

Published on Tuesday, 28 August 2012 04:54 Written by TradersHuddle Wire

New York, August 28th (TradersHuddle.com) - Shares of Steelcase Inc. (NYSE:SCS) ended the trading session lower by $0.09 or -0.93% from its previous close. Steelcase's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Steelcase Inc. (NYSE:SCS) designs and manufactures products used to create high performance work environments. Its products include office furniture, furniture systems, interior architectural products, technology products, seating, and related products and services.

Steelcase's current stock range is determined by calculated support defined at $8.28 and by the resistance level at $9.78, which should be used by traders planning their next move.

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