Ameren Bullish Engulfing Formed
Published on Wednesday, 10 July 2013 20:57 Written by TradersHuddle Wire
New York, July 10th (TradersHuddle.com) - Shares of Ameren Corporation (NYSE:AEE) ended the trading session lower by $0.49 or -1.42% from its previous close. Ameren'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.
Ameren Corporation (NYSE:AEE) through its subsidiaries, generates and delivers electricity in Missouri and Illinois. . The utility also distributes to its customers Natural Gas.
Ameren's recent stock range was formed by a trough where calculated support was defined at $32.34 and by a peak that established the resistance level at $34.67. This range could be used by traders managing their positions.
Traders wanting to establish a position in Ameren 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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