After Yesterday's Rally of 1.84% Shares Could Potentially Pullback
SPDR S&P Metals & Mining ETF (AMEX:XME) traded in a range yesterday that spanned from a low of $24.73 to a high of $25.17. Yesterday, the shares gained 1.8%, which took the trading range above the 3-day high of $24.75 on volume of 1.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
SPDR S&P Metals & Mining ETF share prices have moved between a 52-week high of $38.26 and a 52-week low of $11.38 and are now trading 120% above that low price at $25.02 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.0% while the 200-day MA has risen 0.2%.
SmarTrend recommended that its subscribers protect gains by selling shares of SPDR S&P Metals & Mining ETF on August 25th, 2016 by issuing a Downtrend alert when the shares were trading at $26.07. Since that call, shares of SPDR S&P Metals & Mining ETF have fallen 6.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: rebounders amex:xme spdr s&p metals & mining etf