HNI Upside Looming?
Published on Monday, 01 July 2013 20:12 Written by TradersHuddle Wire
New York, July 1st (TradersHuddle.com) - Shares of HNI Corporation (NYSE:HNI) ended the trading session higher by $0.93 or 2.58% from its previous close. HNI'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.
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.
HNI's recent stock range was formed by a trough where calculated support was defined at $ and by a peak that established the resistance level at $. This range could be used by traders managing their positions.
Traders wanting to establish a position in HNI 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:
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