SmarTrend's candlestick pattern scanner has detected a bearish Dark Cloud Cover candle pattern for shares of Sirius XM Radio (NASDAQ: SIRI).

Yesterday, the stock gapped up, but then encountered selling pressure that pushed the stock lower.

Yesterday, this company traded 121,437,895 shares, versus the previous day's total volume of 123,971,923. 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 Sirius XM Radio on April 14, 2010 at $1.04 per share (10.1% 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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