SmarTrend's candlestick pattern scanner has detected a bullish harami candle pattern for shares of Developers Diversified Realty (NYSE:DDR).
Yesterday's real body is within the previous day's body and may imply that traders and investors believe that the recent move lower is exhausted.
A green candle today would confirm this trend reversal. Also, the narrower the green real body today, the more reliable the harami.
Yesterday, this company traded 3,557,471 shares, versus the previous day's total volume of 6,317,042. Decreased volume also is an indicator that the selling pressure may have subsided.
SmarTrend issued an Uptrend alert on shares of Developers Diversified Realty on November 13, 2009 at $9.47 per share (11.7% retracement since that call). This bullish candle pattern may point to a continuation of the previously called Uptrend.
This whole "green candlestick formation to the body means time to buy" is the biggest crock of poo I have ever heard. The stock may go up (or down), but it has nothing to do with your dopey candlestick formation. Nor does the decrease in volume have anything to do with selling pressure....as noted with another sell off today.