Bulls in Charge of Harley-Davidson
Published on Wednesday, 24 October 2012 04:57 Written by TradersHuddle Wire
New York, October 24th (TradersHuddle.com) - Shares of Harley-Davidson, Inc. (NYSE:HOG) ended the trading session higher by $3.36 or 7.72% from its previous close. Harley-Davidson's price action formed what is considered to be a bullish engulfing candle that could very well signal a continuation of trend or reversal of the ongoing weakness.
Harley-Davidson, Inc. (NYSE:HOG) manufactures and sells motorcycles. Its products include heavyweight touring, custom, and performance motorcycles, as well as a line of motorcycle parts, accessories, and general merchandise.
Harley-Davidson's recent stock range was formed by a trough where calculated support was defined at $41.21 and by a peak that established the resistance level at $44.78. This range could be used by traders managing their positions.
Traders wanting to establish a position in Harley-Davidson or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk, as it shows where the bears were able to push the stock down, before the bulls step in with a bid.
The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:
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