New York, June 12th (TradersHuddle.com) - Shares of VMware, Inc. (NYSE: VMW) ended the trading session lower by $2.3 or -2.45% from its previous close. Vmware's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
VMware, Inc. (NYSE: VMW) provides virtualization solutions for the desktop computer and data centers. Its solution products address a range of IT problems, which include cost and operational inefficiencies, business continuity, software lifecycle management and desktop management.
Vmware's current stock range is determined by calculated support defined at $87.17 and by the resistance level at $95.00, which should be used by traders planning their next move.
If traders want to establish a position in Vmware, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Vmware for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: