New York, January 5th (TradersHuddle.com) - Shares of Imax Corporation (NASDAQ:IMAX) ended the trading session lower by $0.96 or -3.37% from its previous close. IMAX's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Imax Corporation (NASDAQ:IMAX) specializes in motion picture technologies and large-format film presentations. The company designs and manufactures projection and sound systems for large-screen theaters and designs custom attractions, including motion simulation theaters, for both large-scale attractions and smaller venues.
IMAX's current stock range is defined by calculated support defined at $24.81 and by the resistance level at $32.30, which should be used by traders planning their trades.
Traders wanting to establish a position in IMAX stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current IMAX shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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