Bears Appeared - Jones Apparel

Published on Wednesday, 18 January 2012 04:30 Written by Christian Paolinetti

New York, January 18th (TradersHuddle.com) - Shares of Jones Apparel Group, Inc. (NYSE:JNY) ended the trading session lower by $0.33 or -3.58% from its previous close. Jones Apparel's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Jones Apparel Group, Inc. (NYSE:JNY) designs, markets, and wholesales a variety of branded apparel, footwear, and accessories including sportswear, jeanswear, suits, dresses, and footwear under such brands like Nine West, Easy Spirit, Jones New York, Anne Klein, and Evan-Picone. The Company also markets directly to consumers through a chain of specialty retail and value-based stores.

Jones Apparel's current stock range is defined by calculated support defined at $8.13 and by the resistance level at $10.95, which should be used by traders planning their trades.

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