Bears Appeared on Roper Industries

Published on Tuesday, 28 August 2012 04:57 Written by TradersHuddle Wire

New York, August 28th (TradersHuddle.com) - Shares of Roper Industries, Inc. (NYSE:ROP) ended the trading session lower by $0.04 or -0.04% from its previous close. Roper price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Roper Industries, Inc. (NYSE:ROP) manufactures industrial controls, fluid handling, and analytical instrumentation products worldwide. Roper serves selected segments of a broad range of markets such as oil & gas, scientific research, medical diagnostics, semiconductor, refrigeration, automotive, water and wastewater, power generation, agricultural irrigation

Roper current stock range is determined by calculated support defined at $92.53 and by the resistance level at $106.75, which should be used by traders planning their next move.

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