SmarTrend's Candlestick Scanner Detects Bearish Harami Pattern for Tech Data (TECD)
SmarTrend's candlestick pattern scanner has detected a bearish harami candle pattern for shares of Tech Data (NASDAQ: TECD).
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 496,062 shares, versus the previous day's total volume of 667,351. Decreased volume also is an indicator that the buying momentum may have subsided.
SmarTrend issued an Uptrend alert on shares of Tech Data on February 18, 2010 at $43.09 per share (3.8% 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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