After Yesterday's Rally of 1.56% Shares Could Potentially Pullback
CBS (NYSE:CBS) traded in a range yesterday that spanned from a low of $50.84 to a high of $52.05. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $51.61 on volume of 2.2 million 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 its subscribers protect gains by selling shares of CBS on July 21st, 2016 by issuing a Downtrend alert when the shares were trading at $54.39. Since that call, shares of CBS have fallen 6.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
CBS share prices have moved between a 52-week high of $63.95 and a 52-week low of $38.51 and are now trading 35% above that low price at $51.84 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.5%.