After Yesterday's Rally of 4.37% Shares Could Potentially Pullback
SPDR S&P Metals & Mining ETF (AMEX:XME) traded in a range yesterday that spanned from a low of $26.49 to a high of $27.71. Yesterday, the shares gained 4.4%, which took the trading range above the 3-day high of $27.32 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.
SmarTrend recommended that subscribers consider buying shares of SPDR S&P Metals & Mining ETF on June 6th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.40. Since that recommendation, shares of SPDR S&P Metals & Mining ETF have risen 13.5%. We continue to monitor XME for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
SPDR S&P Metals & Mining ETF share prices have moved between a 52-week high of $38.26 and a 52-week low of $11.38 and are now trading 142% above that low price at $27.53 per share. The 200-day and 50-day moving averages have moved 0.23% higher and 2.99% higher over the past week, respectively.
Keywords: rebounders amex:xme spdr s&p metals & mining etf