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Bearish Moving Average Cross by Summit Materia-A (SUM)

By James Quinn

Summit Materia-A (NYSE:SUM) crossed under its 10-day moving average of $17.62 on a volume of 109K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Summit Materia-A share prices have moved between a 52-week high of $32.34 and a 52-week low of $11.25 and are now trading 51% above that low price at $16.98 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.3% while the 200-day MA has slid 0.9%.

SmarTrend recommended that subscribers consider buying shares of Summit Materia-A on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.13. Since that recommendation, shares of Summit Materia-A have risen 20.2%. We continue to monitor SUM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses summit materia-a

Ticker(s): SUM