SmarTrend's Candlestick Scanner Detects Bearish Dark Cloud Cover Pattern for PowerShares DB Crude Oil Double Short ETN (DTO)

SmarTrend's candlestick pattern scanner has detected a bearish Dark Cloud Cover candle pattern for shares of PowerShares DB Crude Oil Double Short ETN DTO.

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

Yesterday, this company traded 953,988 shares, versus the previous day's total volume of 983,045. This bearish candle is more reliable if the gap up occurs at resistance and is accompanied by a surge in volume.

SmarTrend issued a Downtrend alert on shares of PowerShares DB Crude Oil Double Short ETN on February 16, 2010 at $71.09 per share (11.9% return since that call). This bearish candle pattern may point to a continuation of the previously called Downtrend.

Write to Chip Brian at cbrian@tradethetrend.com

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