SmarTrend's Candlestick Scanner Detects Bearish Dark Cloud Cover Pattern for Magna International (MGA)
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[March 08, 2010]

SmarTrend's Candlestick Scanner Detects Bearish Dark Cloud Cover Pattern for Magna International (MGA)

Mar 08, 2010 (SmarTrend(R) Market Surveillance via COMTEX) -- SmarTrend's candlestick pattern scanner has detected a bearish Dark Cloud Cover candle pattern for shares of Magna International (NYSE:MGA).

Friday, the stock gapped up, but then encountered selling pressure that pushed the stock lower.

Friday, this company traded 379,445 shares, versus the previous day's total volume of 394,436. This bearish candle is more reliable if the gap up occurs at resistance and is accompanied by a surge in volume.



SmarTrend issued an Uptrend alert on shares of Magna International on November 06, 2009 at $48.30 per share (21.1% return since that call). This bearish candle pattern may point to a reversal of the previously called Uptrend.

Write to Chip Brian at cbrian@tradethetrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.mysmartrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.mysmartrend.com/signup

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