Manitowoc, Reversal Soon?
Published on Thursday, 04 October 2012 04:54 Written by TradersHuddle Wire
New York, October 4th (TradersHuddle.com) - Shares of Manitowoc Company, Inc. (NYSE:MTW) ended the trading session lower by $0.15 or -1.11% from its previous close. Manitowoc's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
The Manitowoc Company, Inc. (NYSE:MTW) is a diversified industrial manufacturer that operates in the cranes and lifting equipment market and on the foodservice equipment market. Its products include lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks as well as ice making machines, refrigerators, and freezers.
Manitowoc's current stock range is determined by calculated support defined at $12.67 and by the resistance level at $13.89, which should be used by traders planning their next move.
If traders want to establish a position in Manitowoc, 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 Manitowoc for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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