Bearish Moving Average Cross by Group 1 Automotive (GPI)
Group 1 Automotive (NYSE:GPI) crossed under its 10-day moving average of $62.68 on a volume of 158K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.
In the past 52 weeks, Group 1 Automotive share prices have been bracketed by a low of $47.30 and a high of $97.34 and are now at $57.90, 22% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 1.3%.
SmarTrend recommended that subscribers consider buying shares of Group 1 Automotive on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $54.08. Since that recommendation, shares of Group 1 Automotive have risen 16.6%. We continue to monitor GPI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: moving crosses group 1 automotive