After Yesterday's Rally of 2.69% Shares Could Potentially Pullback
M&T Bank (NYSE:MTB) traded in a range yesterday that spanned from a low of $114.56 to a high of $118.49. Yesterday, the shares gained 2.7%, which took the trading range above the 3-day high of $115.56 on volume of 857,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
M&T Bank share prices have moved between a 52-week high of $134.00 and a 52-week low of $100.07 and are now trading 18% above that low price at $118.20 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.7%.
SmarTrend is monitoring the recent change of momentum in M&T Bank. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of M&T Bank in search of a potential trend change.
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