Cytec Industries (NYSE:CYT) traded in a range yesterday that spanned from a low of $50.41 to a high of $52.66. Yesterday, the shares gained 1.11%, which took the trading range above the 3-day high of $51.55 on volume of 1.4 million shares.
Shares of Cytec Industries are currently trading above their 50-day moving average (MA) of $42.73 and above their 200-day MA of $41.16. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of Cytec Industries and our subscribers were alerted to Buy on July 09, 2010 at $42.30. The stock has risen 20.4% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $50.91 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Chemicals- Specialty industry.