Williams-Sonoma Had a Bearish Engulfing Candle
Published on Tuesday, 24 January 2012 04:18 Written by Christian Paolinetti
New York, January 24th (TradersHuddle.com) - Shares of Williams-Sonoma, Inc. (NYSE:WSM) ended the trading session lower by $0.5 or -1.43% from its previous close. Williams-Sonoma's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Williams-Sonoma, Inc. (NYSE:WSM) retails cooking and serving equipment, home furnishings, and home accessories through retail stores and mail order catalogs. The Company offers its merchandise under the Williams-Sonoma, Pottery Barn, Pottery Barn Kids, and West Elm concepts.
Williams-Sonoma's current stock range is defined by calculated support defined at $33.03 and by the resistance level at $35.31, which should be used by traders planning their trades.
Traders wanting to establish a position in Williams-Sonoma stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Williams-Sonoma 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:
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