After Yesterday's Rally of 3.30% Shares Could Potentially Pullback
Atwood Oceanics (NYSE:ATW) traded in a range yesterday that spanned from a low of $8.77 to a high of $9.43. Yesterday, the shares gained 3.3%, which took the trading range above the 3-day high of $9.39 on volume of 2.0 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, Atwood Oceanics has traded in a range of $4.82 to $35.66 and is now at $9.32, 93% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 2.1% while the 50-day MA has advanced 2.2%.
SmarTrend recommended that subscribers consider buying shares of Atwood Oceanics on September 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $8.74. Since that recommendation, shares of Atwood Oceanics have risen 4.1%. We continue to monitor ATW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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