Are the Bears Taking Control over DTE Energy?
Published on Friday, 02 November 2012 04:51 Written by TradersHuddle Wire
New York, November 2nd (TradersHuddle.com) - Shares of DTE Energy Company (NYSE:DTE) ended the trading session lower by $0.48 or -0.77% from its previous close. DTE Energy's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
DTE Energy Company (NYSE:DTE), a diversified energy company, develops and manages energy-related businesses and services nationwide. The Company, through its subsidiaries, generates, purchases, transmits, distributes, and sells electric energy in southeastern Michigan. DTE is also involved in gas pipelines and storage, unconventional gas exploration, development, and production.
DTE Energy's current stock range is determined by calculated support defined at $49.06 and by the resistance level at $62.56, which should be used by traders planning their next move.
If traders want to establish a position in DTE Energy, 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 DTE Energy for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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