Hartford Financial Bullish Engulfing Formed

hig New York, February 1st (TradersHuddle.com) - Shares of Hartford Financial Services Group, Inc. (NYSE:HIG) ended the trading session higher by $0.4 or 1.6% from its previous close. Hartford Financial'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.

The Hartford Financial Services Group, Inc. (NYSE:HIG) provides property and casualty insurance, annuities, life insurance, investment services, and group insurance. The Conneticutt based insurer operates around the world.

Hartford Financial's recent stock range was formed by a trough where calculated support was defined at $21.11 and by a peak that established the resistance level at $24.72. This range could be used by traders managing their positions.

Traders wanting to establish a position in Hartford Financial 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:

Technical Scans

Stock Market

o Dow Jones 17,813.39 ▲1.20 (0.01%)
o S&P 500 2,088.87 ▼0.27 (-0.01%)
o NASDAQ 5,116.14 ▲13.33 (0.26%)

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,813.39 Trade time:4:34PM EST Value change:▲1.20 (0.01%)

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,088.87 Trade time:4:34PM EST Value change:▼0.27 (-0.01%)


Company ID [INDEXNASDAQ:.IXIC] Last trade:5,116.14 Trade time:5:15PM EST Value change:▲13.33 (0.26%)

In The Wires

Copyright © 2013 TradersHuddle.com. All Rights Reserved.