SmarTrend's Candlestick Scanner Detects Bullish Piercing Line Pattern for Banro (BAA)
SmarTrend's candlestick pattern scanner has detected a bullish Piercing Line candle pattern for shares of Banro (AMEX: BAA).
Friday, the stock gapped down, but then encountered bargain hunters that pushed the stock higher.
Friday, this company traded 146,501 shares, versus the previous day's total volume of 153,757. This bullish candle is more reliable if the gap down occurs at support and is accompanied by a surge in volume.
SmarTrend issued a Downtrend alert on shares of Banro on October 30, 2009 at $2.17 per share (15.7% return since that call). This bullish candle pattern may point to a reversal of the previously called Downtrend.
Write to Chip Brian at cbrian@tradethetrend.com
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