JDS Uniphase Reversal Soon?

Published on Tuesday, 13 December 2011 17:51 Written by Christian Paolinetti

New York, December 13th (TradersHuddle.com) - Shares of JDS Uniphase Corporation (NASDAQ:JDSU) ended the trading session lower by $0.53 or -5% from its previous close. JDS Uniphase's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

JDS Uniphase Corporation (NASDAQ:JDSU) provides communications test and measurement solutions and optical products for telecommunications service providers, cable operators, and network equipment manufacturers. The Company also provides optical solutions for medical/environmental instrumentation, semiconductor processing, display, brand authentication, aerospace and defense.

JDS Uniphase's current stock range is defined by calculated support defined at $10.33 and by the resistance level at $11.37, which should be used by traders planning their trades.

Traders wanting to establish a position in JDS Uniphase stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current JDS Uniphase 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: