Are the Bears Taking Control over Williams?
Published on Tuesday, 04 December 2012 04:57 Written by TradersHuddle Wire
New York, December 4th (TradersHuddle.com) - Shares of Williams Companies, Inc. (NYSE:WMB) ended the trading session lower by $0.25 or -0.76% from its previous close. Williams' price action formed what is considered to be a bearish engulfing candlestick chart pattern.
The Williams Companies, Inc. (NYSE:WMB) is an integrated natural gas company that produces, gathers, processes and transports natural gas. The Company's operations are concentrated in the Pacific Northwest, Rocky Mountains, Gulf Coast, the Eastern Seaboard, and the province of Alberta in Canada.
Williams' current stock range is determined by calculated support defined at $30.55 and by the resistance level at $33.47, which should be used by traders planning their next move.
If traders want to establish a position in Williams, 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 Williams for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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