Liberty Media Bullish Engulfing Formed
Published on Tuesday, 18 December 2012 04:27 Written by TradersHuddle Wire
New York, December 18th (TradersHuddle.com) - Shares of Liberty Media Corp - Interactive (NASDAQ:LINTA) ended the trading session higher by $0.22 or 1.15% from its previous close. Liberty Media'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.
Liberty Media Corp - Interactive (NASDAQ:LINTA) is a tracking stock issued by Liberty Media Corporation to track the performance of the Interactive group. The Interactive groups interests include a TV home shopping network, Internet shopping, and online travel booking site.
Liberty Media's recent stock range was formed by a trough where calculated support was defined at $18.69 and by a peak that established the resistance level at $20.95. This range could be used by traders managing their positions.
Traders wanting to establish a position in Liberty Media 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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