After Yesterday's Rally of 2.30% Shares Could Potentially Pullback
EnCana (NYSE:ECA) traded in a range yesterday that spanned from a low of $11.07 to a high of $11.31. Yesterday, the shares gained 2.3%, which took the trading range above the 3-day high of $11.23 on volume of 9.3 million 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, EnCana share prices have been bracketed by a low of $3.00 and a high of $14.73 and are now at $11.12, 271% above that low price. The 200-day and 50-day moving averages have moved 0.76% lower and 4.62% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of EnCana on May 18th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $7.48. Since that recommendation, shares of EnCana have risen 45.3%. We continue to monitor ECA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: rebounders encana