SmarTrend's Candlestick Scanner Detects Bearish Engulfing Pattern for Dresser-Rand (DRC)

SmarTrend's candlestick pattern scanner has detected a bearish engulfing pattern for shares of Dresser-Rand (NYSE: DRC) since the stock closed below $30.13.

Yesterday, this company traded 366,006 shares, versus the previous day's total volume of 423,904. Heavy volume increases the reliability of this bearish candlestick pattern.

SmarTrend issued an Uptrend alert on shares of Dresser-Rand on December 16, 2009 at $30.52 per share (1.7% retracement 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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