After Yesterday's Rally of 1.07% Shares Could Potentially Pullback
SAP (NYSE:SAP) traded in a range yesterday that spanned from a low of $88.85 to a high of $89.39. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $88.81 on volume of 461,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
SmarTrend recommended that subscribers consider buying shares of SAP on July 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $76.35. Since that recommendation, shares of SAP have risen 15.4%. We continue to monitor SAP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
In the past 52 weeks, shares of SAP have traded between a low of $62.57 and a high of $91.00 and are now at $88.88, which is 42% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.