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After Yesterday's Rally of 2.94% Shares Could Potentially Pullback

By Shiri Gupta

Vale (NASDAQ:VALE) traded in a range yesterday that spanned from a low of $8.56 to a high of $8.81. Yesterday, the shares gained 2.9%, which took the trading range above the 3-day high of $8.58 on volume of 10.9 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, Vale has traded in a range of $2.13 to $11.70 and is now at $8.79, 313% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 3.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of Vale on March 6th, 2017 by issuing a Downtrend alert when the shares were trading at $9.95. Since that call, shares of Vale have fallen 14.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders

Ticker(s): VALE