DSW Bullish Signs
Published on Wednesday, 27 June 2012 04:54 Written by TradersHuddle Wire
New York, June 27th (TradersHuddle.com) - Shares of DSW Inc. (NYSE:DSW) ended the trading session higher by $0.74 or 1.41% from its previous close. DSW's price action formed what is considered to be a bullish engulfing candle that could very well signal a continuation of trend or reversal of the ongoing weakness.
DSW Inc. (NYSE:DSW), is a specialty branded footwear retailer operating in the United States. The Company offers a wide selection of brand name and designer dress, casual, and athletic footwear for women and men.
DSW's recent stock range was formed by a trough where calculated support was defined at $52.32 and by a peak that established the resistance level at $59.97. This range could be used by traders managing their positions.
Traders wanting to establish a position in DSW or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk, as it shows where the bears were able to push the stock down, before the bulls step in with a bid.
The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:
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