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Bearish Moving Average Cross by SK Telecom (SKM)

By Amy Schwartz

Today, shares of SK Telecom (NYSE:SKM) have crossed bearishly below their 10-day moving average of $22.71 on a volume of 163K 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, SK Telecom share prices have been bracketed by a low of $17.52 and a high of $29.34 and are now at $22.30, 27% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of SK Telecom on July 13th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $21.37. Since that recommendation, shares of SK Telecom have risen 7.5%. We continue to monitor SKM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses sk telecom

Ticker(s): SKM