SmarTrend's candlestick pattern scanner has detected a potential bearish engulfing pattern for shares of Nuveen Quality Preferred Income Fund II (NYSE:JPS) if the stock closes below $7.84 today.
Thus far today (2:55PM), this company has traded 246,927 shares, versus Friday's total volume of 158,300. Heavy volume increases the reliability of this bearish candlestick pattern.
SmarTrend issued an Uptrend alert on shares of Nuveen Quality Preferred Income Fund II on March 16, 2009 at $3.67 per share (113.9% return since that call). This bearish candle pattern may point to a reversal of the previously called Uptrend.