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After Yesterday's Rally of 1.21% Shares Could Potentially Pullback

By Nick Russo

Office Depot Inc (NASDAQ:ODP) traded in a range yesterday that spanned from a low of $2.42 to a high of $2.56. Yesterday, the shares gained 1.2%, which took the trading range above the 3-day high of $2.36 on volume of 1.3 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, Office Depot Inc has traded in a range of $1.22 to $3.82 and is now at $2.51, 106% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.5% while the 200-day MA has slid 0.9%.

SmarTrend recommended that subscribers consider buying shares of Office Depot Inc on September 10th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $1.60. Since that recommendation, shares of Office Depot Inc have risen 55.0%. We continue to monitor ODP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders office depot inc

Ticker(s): ODP