New York, February 26th (TradersHuddle.com) - Shares of LM Ericsson (NASDAQ:ERIC) ended the trading session lower by $0.12 or -0.93% from its previous close. Ericsson's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
LM Ericsson (NASDAQ:ERIC) develops and manufactures products for wired and mobile communications in public and private networks. The Company produces mobile telephones through its Sony Ericsson joint venture. It manufactures and installs wired and wireless communications systems, wireless microwave links, call center equipment, microelectronics, and radar systems.
Ericsson's current stock range is determined by calculated support defined at $9.78 and by the resistance level at $12.70, which should be used by traders planning their next move.
If traders want to establish a position in Ericsson, 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 Ericsson for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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