Bulls in Charge of Ryanair
Published on Monday, 28 January 2013 04:30 Written by TradersHuddle Wire
New York, January 28th (TradersHuddle.com) - Shares of Ryanair Holdings PLC (NASDAQ:RYAAY) ended the trading session higher by $0.6 or 1.56% from its previous close. Ryanair'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.
Ryanair Holdings PLC (NASDAQ:RYAAY) provides low fare passenger airline services to destinations in Europe.
Ryanair's recent stock range was formed by a trough where calculated support was defined at $33.96 and by a peak that established the resistance level at $38.99. This range could be used by traders managing their positions.
Traders wanting to establish a position in Ryanair 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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