Sep 12, 2011 (SmarTrend(R) Market Surveillance via COMTEX) -- SmarTrend's candlestick pattern scanner has detected a potential bearish inside day candle pattern for shares of China Security & Surveillance Technology (NYSE:CSR - Snapshot Report). Today's price range of 6.15 and 6.23 is within yesterday's price range.
This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend.
Owners of China Security & Surveillance Technology may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
In the last five trading sessions, the 50-day MA has climbed 1.57% while the 200-day MA has risen 0.31%.
In the past 52 weeks, shares of China Security & Surveillance Technology have traded between a low of $3.98 and a high of $6.37 and are now at $6.21, which is 56% above that low price.
SmarTrend issued an Uptrend alert on shares of China Security & Surveillance Technology on April 21, 2011 at $5.54 per share (12% return since that call). This bearish candle pattern may point to a reversal of the previously called Uptrend.
Write to Chip Brian at cbrian@mysmartrend.com
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Copyright, Comtex News Network, Inc. 2011
Source:zacks