After Yesterday's Rally of 2.68% Shares Could Potentially Pullback
HDFC Bank (NYSE:HDB) traded in a range yesterday that spanned from a low of $64.40 to a high of $65.58. Yesterday, the shares gained 2.7%, which took the trading range above the 3-day high of $65.20 on volume of 237,000 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 HDFC Bank have traded between a low of $51.11 and a high of $66.58 and are now at $65.45, which is 28% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.2%.
SmarTrend recommended that subscribers consider buying shares of HDFC Bank on March 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $56.49. Since that recommendation, shares of HDFC Bank have risen 12.8%. We continue to monitor HDB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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