Urban Outfitters Had a Bearish Engulfing Candle

Published on Sunday, 08 January 2012 14:12 Written by Christopher Lynn

New York, January 8th (TradersHuddle.com) - Shares of Urban Outfitters, Inc. (NASDAQ:URBN) ended the trading session lower by $0.31 or -1.11% from its previous close. Urban Outfitters' price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Urban Outfitters, Inc. (NASDAQ:URBN) operates retail stores and a catalog and Web sites. Urban Outfitters and Anthropologie retail concepts sell fashion apparel, accessories, and household and gift merchandise.

Urban Outfitters' current stock range is defined by calculated support defined at $26.10 and by the resistance level at $28.67, which should be used by traders planning their trades.

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