After Yesterday's Rally of 1.95% Shares Could Potentially Pullback
Cimarex Energy (NYSE:XEC) traded in a range yesterday that spanned from a low of $130.18 to a high of $133.94. Yesterday, the shares gained 2.0%, which took the trading range above the 3-day high of $132.03 on volume of 433,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, shares of Cimarex Energy have traded between a low of $72.77 and a high of $133.88 and are now at $133.70, which is 84% above that low price. The 200-day and 50-day moving averages have moved 0.11% higher and 1.86% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of Cimarex Energy on June 23rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $119.48. Since that recommendation, shares of Cimarex Energy have risen 9.7%. We continue to monitor XEC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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