After Yesterday's Rally of 1.90% Shares Could Potentially Pullback
CBS (NYSE:CBS) traded in a range yesterday that spanned from a low of $55.83 to a high of $57.59. Yesterday, the shares gained 1.9%, which took the trading range above the 3-day high of $56.65 on volume of 6.5 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, CBS has traded in a range of $38.51 to $63.95 and is now at $56.86, 48% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has remained constant.
SmarTrend recommended that subscribers consider buying shares of CBS on February 25th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $47.70. Since that recommendation, shares of CBS have risen 16.7%. We continue to monitor CBS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.