Yum! Brands Bearish Signs
Published on Friday, 18 January 2013 04:24 Written by TradersHuddle Wire
New York, January 18th (TradersHuddle.com) - Shares of Yum! Brands, Inc. (NYSE:YUM) ended the trading session lower by $0.55 or -0.83% from its previous close. Yum! Brands' price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Yum! Brands, Inc (NYSE:YUM), owns and franchises quick-service restaurants worldwide. The Company develops, operates, franchises and licenses a worldwide system of restaurants, like Pizza Hut, KFC, and Taco Bell.
Yum! Brands' current stock range is determined by calculated support defined at $64.09 and by the resistance level at $68.45, which should be used by traders planning their next move.
If traders want to establish a position in Yum! Brands, 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 Yum! Brands for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: