After Yesterday's Rally of 3.71% Shares Could Potentially Pullback
Western Refining (NYSE:WNR) traded in a range yesterday that spanned from a low of $21.27 to a high of $22.93. Yesterday, the shares gained 3.7%, which took the trading range above the 3-day high of $22.70 on volume of 2.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, Western Refining share prices have been bracketed by a low of $20.64 and a high of $50.71 and are now at $22.65, 10% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has declined 0.6%.
SmarTrend recommended that its subscribers protect gains by selling shares of Western Refining on April 15th, 2016 by issuing a Downtrend alert when the shares were trading at $26.97. Since that call, shares of Western Refining have fallen 19.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: rebounders western refining