New York, March 18th (TradersHuddle.com) - Shares of HNI Corporation (NYSE:HNI) ended the trading session lower by $0.34 or -1% from its previous close. HNI's 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.
HNI Corporation (NYSE:HNI) manufactures and markets office furniture as well as hearth products for the home. The company is second largest office furniture manufacturer and the leading maker of gas- and wood-burnings fireplaces. HNI operated in the United States and Canada.
Traders looking for an entry in HNI 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:
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