Cia Energetica de Minas Gerais Downward Momentum Looks to Continue (CIG)
Wednesday, February 3, 2010 - 12:59
Written on Wed, 02/03/2010 - 12:59pm
By Chip Brian

SmarTrend identified a Downtrend for Cia Energetica de Minas Gerais (NYSE:CIG) on January 15, 2010 at $17.17. In approximately 3 weeks, Cia Energetica de Minas Gerais has returned 3% as of today's recent price of $16.65.
Cia Energetica de Minas Gerais is currently below its 50-day moving average of $17.85 and should find support at its 200-day moving average of $15.57. Look for these moving averages to decline to confirm the company's downward momentum.
SmarTrend will continue to scan these moving averages and a number of other proprietary indicators for any changes in momentum for shares of Cia Energetica de Minas Gerais.

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