SmarTrend's Candlestick Scanner Detects Bearish Harami Pattern for CTC Media (CTCM)
SmarTrend's candlestick pattern scanner has detected a bearish harami candle pattern for shares of CTC Media (NASDAQ: CTCM).
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 today would confirm this trend reversal. Also, the narrower the red body yesterday, the more reliable the harami.
Yesterday, this company traded 628,450 shares, versus the previous day's total volume of 1,336,383. Decreased volume also is an indicator that the buying momentum may have subsided.
SmarTrend issued an Uptrend alert on shares of CTC Media on February 24, 2010 at $15.13 per share (9.2% return since that call). This bearish candle pattern may point to a reversal of the previously called Uptrend.
Write to Chip Brian at cbrian@tradethetrend.com
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