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Market Surveillance
- 2/8/2010 7:51:08 AM
By Chip Brian, SmarTrend Analytics Team
SmarTrend's candlestick pattern scanner has detected a bullish Piercing Line candle pattern for shares of Cal-Maine Foods (NASDAQ:CALM).
Friday, the stock gapped down, but then encountered bargain hunters that pushed the stock higher.
Friday, this company traded 121,053 shares, versus the previous day's total volume of 94,862. This bullish candle is more reliable if the gap down occurs at support and is accompanied by a surge in volume.
SmarTrend issued a Downtrend alert on shares of Cal-Maine Foods on February 04, 2010 at $32.10 per share (1.2% retracement since that call). This bullish candle pattern may point to a reversal of the previously called Downtrend.
Contact Chip Brian
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