Even though the market moved sharply higher on Wednesday, Watson Pharma could not hold its early gain and closed weak. Wednesday's black/filled candlestick completely engulfed the prior white/hollow candlestick to form a bearish engulfing. Also notice that volume surged. You can read more on candlesticks in our ChartSchool.
About the author:
Arthur Hill, 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.
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