SmarTrend's Candlestick Scanner Detects Bearish Engulfing Pattern for First Trust AMEX Biotechnology Index Fund (FBT)
Wednesday, March 17, 2010 - 07:39
Written on Wed, 03/17/2010 - 7:39am
By Chip Brian

SmarTrend's candlestick pattern scanner has detected a bearish engulfing pattern for shares of First Trust AMEX Biotechnology Index Fund (AMEX:FBT) since the stock closed below $37.07.
Yesterday, this company traded 123,118 shares, versus the previous day's total volume of 90,785. Heavy volume increases the reliability of this bearish candlestick pattern.
SmarTrend issued an Uptrend alert on shares of First Trust AMEX Biotechnology Index Fund on December 22, 2009 at $28.07 per share (31.5% return since that call). This bearish candle pattern may point to a reversal of the previously called Uptrend.

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