SmarTrend's Candlestick Scanner Detects Bearish Dark Cloud Cover Pattern for Diageo (DEO)
SmarTrend's candlestick pattern scanner has detected a bearish Dark Cloud Cover candle pattern for shares of Diageo (NYSE: DEO).
Yesterday, the stock gapped up, but then encountered selling pressure that pushed the stock lower.
Yesterday, this company traded 626,126 shares, versus the previous day's total volume of 457,882. This bearish candle is more reliable if the gap up occurs at resistance and is accompanied by a surge in volume.
SmarTrend issued an Uptrend alert on shares of Diageo on March 16, 2010 at $66.94 per share (0% 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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