New York, November 1st (TradersHuddle.com) - Shares of Dresser-Rand Group, Inc. (NYSE:DRC) ended the trading session lower by $2.13 or -3.97% from its previous close. Dresser-Rand's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Dresser-Rand Group, Inc. (NYSE:DRC) manufactures equipment for the oil and natural gas industries. The Company manufactures oil and gas production, high-pressure field injection, pipeline, refinery, natural gas processing, and petrochemical production equipment. Its products are custom-engineered rotating equipment solutions for long-life, critical applications in the oil, gas, petrochemical and process industries, these products include, centrifugal and reciprocating gas compressors, gas and steam turbines, gas expanders and associated control panels.
Dresser-Rand's current stock range is determined by calculated support defined at $52.92 and by the resistance level at $56.52, which should be used by traders planning their next move.
If traders want to establish a position in Dresser-Rand, 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 Dresser-Rand for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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