Downtrend Spotted in Shares of Banro (BAA)
SmarTrend identified a Downtrend for Banro (AMEX: BAA) on October 30, 2009 at $2.17. In approximately 3 months, Banro has returned 18.4% as of Thursday's closing price of $1.77.
Banro is currently below its 50-day moving average of $2.09 and below its 200-day moving average of $2.09. Look for these moving averages to decline to confirm the company's downward momentum.
SmarTrend will continue to scan these moving averages and a number of other proprietary indicators for any changes in momentum for shares of Banro.
Write to Chip Brian at cbrian@tradethetrend.com
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