New York, November 29th (TradersHuddle.com) - Shares of F5 Networks, Inc. (NASDAQ:FFIV) ended the trading session higher by $0.54 or 0.59% from its previous close. F5 Networks' 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.
F5 Networks, Inc. (NASDAQ:FFIV) is the global leader in application delivery networking, it provides integrated Internet traffic management solutions designed to improve the availability and performance of mission-critical Internet-based servers and applications. Its software-based solutions manage, control and optimize Internet traffic and content.
F5 Networks' recent stock range was formed by a trough where calculated support was defined at $84.71 and by a peak that established the resistance level at $93.44. This range could be used by traders managing their positions.
Traders wanting to establish a position in F5 Networks 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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