After Yesterday's Rally of 1.06% Shares Could Potentially Pullback
New Oriental Education & Technology (NYSE:EDU) traded in a range yesterday that spanned from a low of $41.85 to a high of $43.58. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $43.02 on volume of 1.8 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, New Oriental Education & Technology has traded in a range of $18.09 to $43.58 and is now at $43.00, 138% above that low. Over the past week, the 200-day moving average (MA) has gone up 1.1% while the 50-day MA has advanced 1.7%.
SmarTrend recommended that subscribers consider buying shares of New Oriental Education & Technology on January 28th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.63. Since that recommendation, shares of New Oriental Education & Technology have risen 38.9%. We continue to monitor EDU for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: rebounders new oriental education & technology