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Bearish Moving Average Cross by Hanesbrands (HBI)

By James Quinn

Hanesbrands (NYSE:HBI) crossed under its 10-day moving average of $21.87 on a volume of 3.2 million shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, Hanesbrands share prices have been bracketed by a low of $18.91 and a high of $34.78 and are now at $21.08, 12% above that low price. The 200-day and 50-day moving averages have moved 0.38% lower and 0.49% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Hanesbrands on June 27th, 2016 by issuing a Downtrend alert when the shares were trading at $25.21. Since that call, shares of Hanesbrands have fallen 12.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: moving crosses hanesbrands

Ticker(s): HBI