Quiksilver Bearish Signs

Published on Wednesday, 14 December 2011 04:36 Written by Christian Paolinetti

New York, December 14th (TradersHuddle.com) - Shares of Quiksilver, Inc. (NYSE:ZQK) ended the trading session lower by $0.21 or -6.62% from its previous close. Quiksilver's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Quiksilver, Inc. (NYSE:ZQK) designs, produces, and distributes branded apparel, footwear, accessories, and related products. The company sells its products under the Quiksilver, Roxy, Raisins, Radio Fiji, and Bent Metal brand names among others.

Quiksilver's current stock range is defined by calculated support defined at $3.05 and by the resistance level at $3.32, which should be used by traders planning their trades.

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