After Yesterday's Rally of 1.62% Shares Could Potentially Pullback
Newfield Exploration (NYSE:NFX) traded in a range yesterday that spanned from a low of $37.83 to a high of $39.19. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $38.29 on volume of 1.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Newfield Exploration share prices have moved between a 52-week high of $41.34 and a 52-week low of $20.84 and are now trading 84% above that low price at $38.32 per share. The 200-day and 50-day moving averages have moved 0.11% higher and 3.13% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of Newfield Exploration on February 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $26.80. Since that recommendation, shares of Newfield Exploration have risen 40.4%. We continue to monitor NFX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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