Bulls in Charge of Sony

Bulls in Charge of Sony

Published on Friday, 07 September 2012 04:33 Written by TradersHuddle Wire

New York, September 7th (TradersHuddle.com) - Shares of Sony Corporation (NYSE:SNE) ended the trading session higher by $0.17 or 1.54% from its previous close. Sony'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.

Sony Corporation (NYSE:SNE) manufactures video, audio, video game consoles, cameras, communications, and information technology products for the consumer and professional markets. The company also psticipates in other businesses like music, movies, computer entertainment, and online businesses.

Sony's recent stock range was formed by a trough where calculated support was defined at $11.02 and by a peak that established the resistance level at $12.10. This range could be used by traders managing their positions.

Traders wanting to establish a position in Sony 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:

Source: http://www.tradershuddle.com/20120907522432/Candlesticks/bulls-in-charge-of-sony.html

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