Xyratex Bearish Signs

Published on Wednesday, 08 February 2012 04:36 Written by TradersHuddle Wire

New York, February 8th (TradersHuddle.com) - Shares of Xyratex Ltd. (NASDAQ:XRTX) ended the trading session flat by $0 or 0% from its previous close. Xyratex's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Xyratex Ltd. (NASDAQ:XRTX) provides enterprise class data storage subsystems and network technology. The Company designs and manufactures enabling technology that provides OEM and disk drive manufacturer customers with data storage products that support high-performance storage and data communication networks.

Xyratex's current stock range is defined by calculated support defined at $12.99 and by the resistance level at $17.20, which should be used by traders planning their trades.

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