Are the Bears Taking Control over Safeway?
Published on Monday, 10 September 2012 04:51 Written by TradersHuddle Wire
New York, September 10th (TradersHuddle.com) - Shares of Safeway Inc. (NYSE:SWY) ended the trading session lower by $0.22 or -1.3% from its previous close. Safeway's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Safeway Inc. (NYSE:SWY) operates a grocery and pharmacy chain in the U.S. and Canada. The Company also has a network of distribution, manufacturing, and food processing facilities. Its retail operations are located in California, Oregon, Washington, Alaska, Colorado, Arizona, Texas, the Chicago metropolitan area and the Mid-Atlantic region, British Columbia, Alberta and Manitoba/Saskatchewan.
Safeway's current stock range is determined by calculated support defined at $15.10 and by the resistance level at $17.03, which should be used by traders planning their next move.
If traders want to establish a position in Safeway, 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 Safeway for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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