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SLM Looks to Continue to Trade Above its Annual-High Share Price Today

By Amy Schwartz

Shares of SLM (NYSE:SLM) traded at a new 52-week high today of $13.20. This new high was reached on below average trading volume as 2.7 million shares traded hands, while the average 30-day volume is approximately 4.4 million shares.

There is potential upside of 3.8% for shares of SLM based on a current price of $12.48 and an average consensus analyst price target of $12.95. The stock should find initial support at its 200-day moving average (MA) of $6.97 and further support at its 50-day MA of $6.42.

In the past 52 weeks, SLM share prices have been bracketed by a low of $5.09 and a high of $13.20 and are now at $12.48, 145% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has advanced 0.8%.

SLM Corporation, commonly known as Sallie Mae, provides education funding, originating and servicing of U.S. government guaranteed and private student loans. The Company, throught is subsidiaries also provides debt management services as well as business and technical products to a range of clients, including colleges, universities and loan guarantors.

SmarTrend recommended that subscribers consider buying shares of SLM on July 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $7.07. Since that recommendation, shares of SLM have risen 63.2%. We continue to monitor SLM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows

Ticker(s): SLM