SmarTrend's Candlestick Scanner Detects Bearish Harami Pattern for Fuqi International (FUQI)

SmarTrend's candlestick pattern scanner has detected a bearish harami candle pattern for shares of Fuqi International (NASDAQ: FUQI).

Yesterday's real body is within the previous day's body and may imply that traders and investors believe that the recent uptrend may be nearing an end.

A move down yesterday would confirm this trend reversal. Also, the narrower the red body yesterday, the more reliable the harami.

Yesterday, this company traded 500,243 shares, versus the previous day's total volume of 856,438. Decreased volume also is an indicator that the buying momentum may have subsided.

SmarTrend issued a Downtrend alert on shares of Fuqi International on January 27, 2010 at $17.09 per share (0.8% retracement 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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