Tellabs: Bulls taking control?

tlab New York, January 29th (TradersHuddle.com) - Shares of Tellabs, Inc. (NASDAQ:TLAB) ended the trading session higher by $0.01 or 0.22% from its previous close. Tellabs' price action developed what can be considered a reversal pattern in the form of a tweezer bottom, which is a candlestick pattern that is usually formed at the end of a downtrend. The tweezer bottom is considered a reversal pattern, so traders will need to monitor the price action for confirmation.

Tellabs, Inc. (NASDAQ:TLAB) designs, manufactures, sells, and services voice, data, and video transport and network access systems. The Company's products are used worldwide by public telephone companies, long-distance carriers, alternate service providers, cellular service providers, cable operators.

Traders looking for an entry in Tellabs can use the tweezers as a good reference point to establish the long position, as the pattern provides defined risk by giving a good reference point for support.

Traders look for tweezer bottoms, as they provide an entry with a small defined risk. They are a leading indicator that provide an alert for a trend reversal or stabilization. The tweezers imply that bears or sellers were not able to push the stock lower, therefore providing the opportunity to look for a bounce. Below an example of a Tweezer Bottom reversal pattern:

TradersHuddle Search

Stock Search:


Site Search:

Loading

Technical Scans

Recent Trading Ideas

Latest Partner Headlines

Stock Market

Loading
Chart
o Dow Jones 17,083.80 ▼2.83 (-0.02%)
o S&P 500 1,987.98 ▲0.97 (0.05%)
o NASDAQ 4,472.11 ▼1.59 (-0.04%)
INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,083.80 Trade time:4:29PM EDT Value change:▼2.83 (-0.02%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:1,987.98 Trade time:4:29PM EDT Value change:▲0.97 (0.05%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:4,472.11 Trade time:5:15PM EDT Value change:▼1.59 (-0.04%)

In The Wires

Copyright © 2013 TradersHuddle.com. All Rights Reserved.