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Watch for Continued Losses in Shares of Michaels Cos Inc (MIK)

By Shiri Gupta

Shares of Michaels Cos Inc (NASDAQ:MIK) traded at a new 52-week low today of $11.90. Approximately 593,000 shares have changed hands today, as compared to an average 30-day volume of 2.1 million shares.

The Michaels Cos Inc., together with its subsidiaries, operates as a arts and crafts specialty retailer in North America. The Company provides materials, project ideas and education for creative activities.

In the past 52 weeks, Michaels Cos Inc share prices have been bracketed by a current low of $11.90 and a high of $27.87 and are now at $11.90. The 200-day and 50-day moving averages have moved 0.75% lower and 0.48% lower over the past week, respectively.

There is potential upside of 93.3% for shares of Michaels Cos Inc based on a current price of $11.90 and an average consensus analyst price target of $23.00. Michaels Cos Inc shares should first meet resistance at the 50-day moving average (MA) of $14.12 and find additional resistance at the 200-day MA of $16.84.

SmarTrend recommended that its subscribers protect gains by selling shares of Michaels Cos Inc on January 30th, 2019 by issuing a Downtrend alert when the shares were trading at $14.00. Since that call, shares of Michaels Cos Inc have fallen 13.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows michaels cos inc

Ticker(s): MIK