Bears Appeared - Guess?

Published on Wednesday, 14 December 2011 04:21 Written by TradersHuddle Staff

New York, December 14th (TradersHuddle.com) - Shares of Guess?, Inc. (NYSE:GES) ended the trading session lower by $0.58 or -2.04% from its previous close. Guess' price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Guess?, Inc. (NYSE:GES) designs, markets, distributes, and licenses a collection of casual apparel, accessories, and related consumer products. The company provides full collections of denim and cotton clothing.

Guess' current stock range is defined by calculated support defined at $28.06 and by the resistance level at $30.17, which should be used by traders planning their trades.

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