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Shares of Baker Hughes Incorporated (BHI) ended the trading session lower by $0.5 or -1.2% from its previous close. Baker Hughes' price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Baker Hughes Incorporated (BHI) supply wellbore related products, and technology services and systems for drilling, formation evaluation, completion and production, and reservoir technology and consulting to the oil and natural gas industry worldwide. From the reservoir to the refinery the company creates value with high-performance products and services to analyze, drill, evaluate, complete and produce oil and gas reserves and then transport and refine the hydrocarbons.

Baker Hughes' current stock range is determined by calculated support defined at $40.03 and by the resistance level at $42.25, which should be used by traders planning their next move.

If traders want to establish a position in Baker Hughes, 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 Baker Hughes for indications of a trend reversal.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Shares of Las Vegas Sands Corp. (LVS) closed the trading session at $48.80 below calculated support at $50.64. The stock broke down technically, raising concerns as the move might trigger additional selling.

Las Vegas Sands Corp. (LVS) owns and operates casino resorts and convention centers. The Company operates in United States, Macau, and Singapore and offers a wide range of gaming activities and entertainment as well as overnight accommodations in properties like the Venetian and the Palazzo in Las Vegas, NV. Its expo centers host a wide range of entertainment shows, expositions, and other activities.

Las Vegas Sands' stock was trading in a well-defined range with support at $50.64 and resistance at $62.09; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.

From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $50.64 will remain in focus as Las Vegas Sands' price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.

Traders wanting to establish a short position in Las Vegas Sands can do so, if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $50.64. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Shares of Ford Motor Company (F) closed the trading session at $10.32 below calculated support at $10.40. The stock broke down technically, raising concerns as the move might trigger additional selling.

Ford Motor Company (F) designs, manufactures, and services cars and trucks. The Dearborn, MI based automaker sell its vehicles under the Ford, Mercury and Lincoln brand names. Through its subsidiaries it offers lease and financing as well as auto parts with its Motorcraft brand.

Ford's stock was trading in a well-defined range with support at $10.40 and resistance at $12.04; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.

From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $10.40 will remain in focus as Ford's price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.

Traders wanting to establish a short position in Ford can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $10.40. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.