After Yesterday's Rally of 1.06% Shares Could Potentially Pullback
Fomento Economico Mexicano (NYSE:FMX) traded in a range yesterday that spanned from a low of $87.54 to a high of $88.98. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $87.76 on volume of 406,000 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, Fomento Economico Mexicano has traded in a range of $77.47 to $102.72 and is now at $88.20, 14% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has remained constant.
SmarTrend recommended that its subscribers protect gains by selling shares of Fomento Economico Mexicano on August 25th, 2016 by issuing a Downtrend alert when the shares were trading at $95.89. Since that call, shares of Fomento Economico Mexicano have fallen 8.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: rebounders fomento economico mexicano