Goodyear: Ready for some Upside?

Published on Wednesday, 10 October 2012 04:42 Written by TradersHuddle Wire

New York, October 10th (TradersHuddle.com) - Shares of The Goodyear Tire & Rubber Company (NYSE:GT) ended the trading session higher by $0.03 or 0.2% from its previous close. Goodyear's price action developed what can be considered a reversal pattern in the form of a tweezer bottom, which is a candlestick pattern that is usually formed at the end of a downtrend. The tweezer bottom is considered a reversal pattern, so traders will need to monitor the price action for confirmation.

The Goodyear Tire & Rubber Company (NYSE:GT) main activities are to develop, manufacture, market and distribute tires and rubber products. The products include lines of power transmission belts, hoses, rubber products for transportation industry and rubber-related chemicals for various applications. The company