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After Yesterday's Rally of 1.36% Shares Could Potentially Pullback

By James Quinn

Magna International (NYSE:MGA) traded in a range yesterday that spanned from a low of $42.70 to a high of $43.33. Yesterday, the shares gained 1.4%, which took the trading range above the 3-day high of $43.05 on volume of 455,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend is tracking the current trend status for Magna International and will alert subscribers who have MGA in their portfolio or watchlist when shares have changed trend direction.

Over the past year, Magna International has traded in a range of $30.41 to $59.42 and is now at $43.29, 42% above that low. The 200-day and 50-day moving averages have moved 0.6% lower and 1.17% higher over the past week, respectively.

Keywords: rebounders Magna International

Ticker(s): MGA