SmarTrend's Candlestick Scanner Detects Bullish Harami Pattern for General Cable (BGC)

SmarTrend's candlestick pattern scanner has detected a bullish harami candle pattern for shares of General Cable (NYSE: BGC).

Yesterday's real body is within the previous day's body and may imply that traders and investors believe that the recent move lower is exhausted.

A green candle today would confirm this trend reversal. Also, the narrower the green real body today, the more reliable the harami.

Yesterday, this company traded 685,157 shares, versus the previous day's total volume of 1,015,367. Decreased volume also is an indicator that the selling pressure may have subsided.

SmarTrend issued an Uptrend alert on shares of General Cable on January 08, 2010 at $32.69 per share (8.4% retracement since that call). This bullish candle pattern may point to a continuation of the previously called Uptrend.

Write to Chip Brian at cbrian@tradethetrend.com

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