SmarTrend's Candlestick Scanner Detects Bearish Engulfing Pattern for PowerShares DB Gold Double Short ETN (DZZ)

SmarTrend's candlestick pattern scanner has detected a bearish engulfing pattern for shares of PowerShares DB Gold Double Short ETN DZZ since the stock closed below $12.54.

Yesterday, this company traded 422,807 shares, versus the previous day's total volume of 206,955. Heavy volume increases the reliability of this bearish candlestick pattern.

SmarTrend issued a Downtrend alert on shares of PowerShares DB Gold Double Short ETN on March 02, 2010 at $13.16 per share (7.4% 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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