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Watch for Continued Losses in Shares of Sotheby'S (BID)

By Shiri Gupta

Shares of Sotheby'S (NYSE:BID) traded at a new 52-week low today of $41.51. So far today approximately 51,000 shares have been exchanged, as compared to an average 30-day volume of 429,000 shares.

Sotheby's auctions fine arts, antiques, and collectibles, offering property in a wide variety of collecting categories. The Company conducts auctions in the United States and other countries. Sotheby's also purchases and resells art, brokers art, markets and brokers luxury residential real estate, provides art-related financing, and restores art.

Sotheby'S share prices have moved between a 52-week high of $60.16 and the current low of $41.51 and are currently at $41.93 per share. The 200-day and 50-day moving averages have moved 0.27% lower and 1.19% lower over the past week, respectively.

Potential upside of 48.3% exists for Sotheby'S, based on a current level of $41.93 and analysts' average consensus price target of $62.20. Sotheby'S shares should first meet resistance at the 50-day moving average (MA) of $47.87 and find additional resistance at the 200-day MA of $52.03.

SmarTrend is tracking the current trend status for Sotheby'S and will alert subscribers who have BID in their portfolio or watchlist when shares have changed trend direction.

Keywords: 52 week high/lows sotheby's

Ticker(s): BID