Bulls in Charge of Crocs
Published on Tuesday, 01 January 2013 04:03 Written by TradersHuddle Wire
New York, January 1st (TradersHuddle.com) - Shares of Crocs, Inc. (NASDAQ:CROX) ended the trading session higher by $0.51 or 3.68% from its previous close. Crocs' 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.
Crocs, Inc. (NASDAQ:CROX) produces soft, lightweight, non-marking, slip- and odor-resistant shoes made of closed-cell resin material. Crocs manufactures a wide assortment of styles for men, women, boys and girls and markets them to retail chains.
Crocs' recent stock range was formed by a trough where calculated support was defined at $13.31 and by a peak that established the resistance level at $14.36. This range could be used by traders managing their positions.
Traders wanting to establish a position in Crocs 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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