Candlesticks - Bearish Engulfing Crocs
Published on Tuesday, 22 January 2013 04:51 Written by TradersHuddle Wire
New York, January 22nd (TradersHuddle.com) - Shares of Crocs, Inc. (NASDAQ:CROX) ended the trading session lower by $0.3 or -2.06% from its previous close. Crocs' price action formed what is considered to be a bearish engulfing candlestick chart pattern.
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' current stock range is determined by calculated support defined at $14.13 and by the resistance level at $15.90, which should be used by traders planning their next move.
If traders want to establish a position in Crocs, 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 Crocs for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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