SmarTrend's Candlestick Scanner Detects Bearish Engulfing Pattern for Double Eagle Petroleum (DBLE)
Tuesday, March 2, 2010 - 09:53
Written on Tue, 03/02/2010 - 9:53am
By Chip Brian

SmarTrend's candlestick pattern scanner has detected a bearish engulfing pattern for shares of Double Eagle Petroleum (NASDAQ:DBLE) since the stock closed below $4.29.
Yesterday, this company traded 103,319 shares, versus the previous day's total volume of 18,763. Heavy volume increases the reliability of this bearish candlestick pattern.
SmarTrend issued an Uptrend alert on shares of Double Eagle Petroleum on January 11, 2010 at $4.89 per share (13.1% retracement since that call). This bearish candle pattern may point to a reversal of the previously called Uptrend.

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