Phillips-Van Heusen - Shares Seeking Direction

pvh New York, January 10th (TradersHuddle.com) - Shares of Phillips-Van Heusen Corporation (NYSE:PVH) closed the trading day higher by $1.04 or 0.89% from its previous close. Phillips-Van Heusen's price action formed what is considered to be a doji close, where the open and close prices are very close to each other, mainly signaling an indecision between buyers and sellers.

Phillips-Van Heusen Corporation (NYSE:PVH) designs, sources, manufactures, and markets apparel and footwear for the whole family. The Company markets its products at a wholesale level through department store chains and directly to consumers through retail stores. The company uses multibrand brand strategy to reach different markets, some of its brands include Arrow, Van-Heusen, Calvin Klein, IZOD, Geoffrey Beene, Kenneth Cole, and DKNY.

Phillips-Van Heusen's trading range is defined by a trough, which marked calculated support at $107.11 and by a peak that set the resistance point at $113.52. These levels are closely watched by traders managing their positions.

Traders wanting to establish a position in Phillips-Van Heusen or traders that are already holding the stock can use the doji close to their advantage, since the pattern present a short-term pause in the stock's price action. This pause results in an entry point for traders depending of which way the stock resolves this short-term indecision.

The Doji is an important candlestick pattern that provides information on their own and as components in a number of important patterns. Doji form when a security's open and close are virtually equal. The length of the upper and lower shadows can vary and the resulting candlestick looks like a cross, inverted cross or plus sign. Alone, doji are neutral patterns.

Any bullish or bearish bias is based on preceding price action and future confirmation. In the case of Phillips-Van Heusen, given that the stock finished the session higher, bulls should monitor their positions for confirmation that the stock will continue higher by taking its intraday high. Below a Doji illustration:

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