New York, March 7th (TradersHuddle.com) - Shares of SLM Corporation (NYSE:SLM) ended the trading session lower by $0.21 or -1.07% from its previous close. SLM's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
SLM Corporation (NYSE:SLM), commonly known as Sallie Mae, provides education funding, originating and servicing of U.S. government guaranteed and private student loans. The Company, through its subsidiaries, also provides debt management services to colleges, universities and loan guarantors.
SLM's current stock range is determined by calculated support defined at $18.38 and by the resistance level at $20.13, which should be used by traders planning their next move.
If traders want to establish a position in SLM, 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 SLM for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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