Are the Bears Taking Control over Priceline.com ?
Published on Friday, 15 June 2012 04:42 Written by TradersHuddle Wire
New York, June 15th (TradersHuddle.com) - Shares of Priceline.com Incorporated (NASDAQ:PCLN) ended the trading session lower by $8.44 or -1.31% from its previous close. Priceline's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Priceline.com Incorporated (NASDAQ:PCLN) operates as an online travel company that enables consumers to save money on a variety of products and services. The Company allows customers to name their own price on products or services and communicates that demand directly to participating sellers or to their private databases. Participants include domestic and international airlines, and hotel chains.
Priceline's current stock range is determined by calculated support defined at $603.49 and by the resistance level at $659.17, which should be used by traders planning their next move.
If traders want to establish a position in Priceline.com , 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 Priceline.com for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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