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After Yesterday's Rally of 1.15% Shares Could Potentially Pullback

By Shiri Gupta

State Street (NYSE:STT) traded in a range yesterday that spanned from a low of $57.30 to a high of $58.06. Yesterday, the shares gained 1.2%, which took the trading range above the 3-day high of $57.85 on volume of 966,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, State Street share prices have been bracketed by a low of $50.60 and a high of $81.26 and are now at $57.93, 14% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has slid 0.6%.

SmarTrend recommended that its subscribers protect gains by selling shares of State Street on May 6th, 2016 by issuing a Downtrend alert when the shares were trading at $59.34. Since that call, shares of State Street have fallen 3.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders State Street

Ticker(s): STT