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After Yesterday's Rally of 1.63% Shares Could Potentially Pullback

By Nick Russo

Novartis (NYSE:NVS) traded in a range yesterday that spanned from a low of $77.51 to a high of $78.28. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $77.21 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.

Novartis share prices have moved between a 52-week high of $106.84 and a 52-week low of $69.89 and are now trading 12% above that low price at $78.13 per share. The 200-day and 50-day moving averages have moved 0.7% lower and 0.22% higher over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Novartis. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Novartis in search of a potential trend change.

Keywords: rebounders Novartis

Ticker(s): NVS