Is United Technologies Trade Over?
Published on Thursday, 30 August 2012 04:39 Written by TradersHuddle Wire
New York, August 30th (TradersHuddle.com) - Shares of United Technologies Corp. (NYSE:UTX) ended the trading session lower by $0.34 or -0.42% from its previous close. United Technologies' price action formed what is considered to be a bearish engulfing candlestick chart pattern.
United Technologies Corporation (NYSE:UTX) provides technology products and support services to customers in the aerospace and building industries worldwide. The Company's products include aircraft engines thru its Pratt & Whitney segment, elevators and escalators thur its Otis segment, heating and air conditioning equipment thru its Carrier unit, aerospace systems, and fire and safety equipment, and Helicopters thur its Sikorsky unit. United Technologies was founded in 1934 and is based in Hartford, Connecticut.
United Technologies' current stock range is determined by calculated support defined at $71.40 and by the resistance level at $81.19, which should be used by traders planning their next move.
If traders want to establish a position in United Technologies, 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 United Technologies for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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