NII Holdings Bearish Signs

Published on Wednesday, 02 May 2012 04:57 Written by TradersHuddle Wire

New York, May 2nd (TradersHuddle.com) - Shares of NII Holdings, Inc. (NASDAQ:NIHD) ended the trading session lower by $0.9 or -6.4% from its previous close. NII Holdings' price action formed what is considered to be a bearish engulfing candlestick chart pattern.

NII Holdings, Inc. (NASDAQ:NIHD), through its subsidiaries, provides wireless communication services to businesses and individuals primarily in Mexico, Brazil, Argentina, Peru, and Chile. Its services include mobile telephone services comprising various calling features, such as speakerphone, conference calling, voice-mail, call forwarding, and additional line service; and Nextel Direct Connect service.

NII Holdings' current stock range is determined by calculated support defined at $13.75 and by the resistance level at $19.49, which should be used by traders planning their next move.

If traders want to establish a position in NII Holdings, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor NII Holdings for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: