SmarTrend's candlestick pattern scanner has detected a bearish engulfing pattern for shares of Putnam Premier Income Trust (NYSE: PPT) since the stock closed below $6.37.

Yesterday, this company traded 481,905 shares, versus the previous day's total volume of 436,872. Heavy volume increases the reliability of this bearish candlestick pattern.

SmarTrend issued an Uptrend alert on shares of Putnam Premier Income Trust on March 16, 2009 at $4.15 per share (52.5% return since that call). This bearish candle pattern may point to a reversal of the previously called Uptrend.

Write to Chip Brian at [email protected]

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