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After Yesterday's Rally of 3.65% Shares Could Potentially Pullback

By Amy Schwartz

Hanesbrands (NYSE:HBI) traded in a range yesterday that spanned from a low of $21.57 to a high of $22.42. Yesterday, the shares gained 3.7%, which took the trading range above the 3-day high of $21.76 on volume of 3.1 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, Hanesbrands has traded in a range of $18.91 to $34.78 and is now at $22.27, 18% above that low. The 200-day and 50-day moving averages have moved 0.38% lower and 0.49% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Hanesbrands on June 27th, 2016 by issuing a Downtrend alert when the shares were trading at $25.21. Since that call, shares of Hanesbrands 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 hanesbrands

Ticker(s): HBI