SmarTrend's Candlestick Scanner Detects Bullish Harami Pattern for Rock-Tenn (RKT)
SmarTrend's candlestick pattern scanner has detected a bullish harami candle pattern for shares of Rock-Tenn (NYSE: RKT).
Friday's real body is within the previous day's body and may imply that traders and investors believe that the recent move lower is exhausted.
A green candle today would confirm this trend reversal. Also, the narrower the green real body today, the more reliable the harami.
Friday, this company traded 1,152,011 shares, versus the previous day's total volume of 743,221. Decreased volume also is an indicator that the selling pressure may have subsided.
SmarTrend issued a Downtrend alert on shares of Rock-Tenn on January 07, 2010 at $48.70 per share (12.3% return since that call). This bullish candle pattern may point to a reversal of the previously called Downtrend.
Write to Chip Brian at cbrian@tradethetrend.com
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