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Bearish Moving Average Cross by Commercial Metal (CMC)

By James Quinn

Today, shares of Commercial Metal (NYSE:CMC) have crossed bearishly below their 10-day moving average of $24.23 on a volume of 197K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.

Over the past year, Commercial Metal has traded in a range of $17.05 to $26.72 and is now at $24.04, 41% above that low. The 200-day and 50-day moving averages have moved 0.48% higher and 1.17% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Commercial Metal on April 18th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $21.79. Since that recommendation, shares of Commercial Metal have risen 11.7%. We continue to monitor CMC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses commercial metal

Ticker(s): CMC