TRW Automotive Formed a Bearish Engulfing Candle
Published on Wednesday, 13 February 2013 18:57 Written by TradersHuddle Wire
New York, February 13th (TradersHuddle.com) - Shares of TRW Automotive Holdings Corp. (NYSE:TRW) ended the trading session lower by $0.47 or -0.78% from its previous close. TRW's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
TRW Automotive Holdings Corp. (NYSE:TRW) supplies automotive systems, modules, and components to global automotive vehicle manufacturers and related aftermarkets. Its products include active and passive safety related products, like seat belts and airbags. The company also makes braking systems and streeing wheels.
TRW's current stock range is determined by calculated support defined at $45.50 and by the resistance level at $60.92, which should be used by traders planning their next move.
If traders want to establish a position in TRW Automotive, 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 TRW Automotive for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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