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Bearish Moving Average Cross by Pnm Resources (PNM)

By Shiri Gupta

Pnm Resources (NYSE:PNM) crossed under its 10-day moving average of $41.55 on a volume of 221K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Pnm Resources share prices have moved between a 52-week high of $42.20 and a 52-week low of $30.95 and are now trading 33% above that low price at $41.15 per share. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Pnm Resources on July 24th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $39.03. Since that recommendation, shares of Pnm Resources have risen 6.9%. We continue to monitor PNM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses pnm resources

Ticker(s): PNM