Don't Ignore This Chart!

Costco Forms Bearish Engulfing Near Prior High

 | 

A bearish engulfing forms when a long black candlestick engulfs the body of the prior white candlestick. This means the open is above the prior close and the close is below the prior open. It is a reversal day that can foreshadow lower prices. Costco formed such a pattern on the highest volume in three weeks. See our pre-defined scans page for many more bearish engulfing patterns.

110302cost
Click this image for a live chart

Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus