SmarTrend's Candlestick Scanner Detects Bearish Engulfing Pattern for Claymore/Beacon Global Timber Index ETF (CUT)
SmarTrend's candlestick pattern scanner has detected a bearish engulfing pattern for shares of Claymore/Beacon Global Timber Index ETF (NYSE: CUT) since the stock closed below $17.24.
Yesterday, this company traded 1,174,736 shares, versus the previous day's total volume of 36,064. Heavy volume increases the reliability of this bearish candlestick pattern.
SmarTrend issued a Downtrend alert on shares of Claymore/Beacon Global Timber Index ETF on January 22, 2010 at $17.45 per share (1.4% return since that call). This bearish candle pattern may point to a continuation of the previously called Downtrend.
Write to Chip Brian at cbrian@tradethetrend.com
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