After Yesterday's Rally of 2.14% Shares Could Potentially Pullback
US Bancorp (NYSE:USB) traded in a range yesterday that spanned from a low of $44.65 to a high of $44.88. Yesterday, the shares gained 2.1%, which took the trading range above the 3-day high of $44.47 on volume of 2.4 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, US Bancorp has traded in a range of $37.07 to $46.26 and is now at $44.85, 21% above that low. The 200-day and 50-day moving averages have moved 0.17% lower and 0.58% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of US Bancorp on July 27th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $42.04. Since that recommendation, shares of US Bancorp have risen 4.5%. We continue to monitor USB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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