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After Yesterday's Rally of 6.65% Shares Could Potentially Pullback

By Shiri Gupta

Symantec (NASDAQ:SYMC) traded in a range yesterday that spanned from a low of $17.35 to a high of $18.58. Yesterday, the shares gained 6.6%, which took the trading range above the 3-day high of $17.46 on volume of 18.6 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, Symantec has traded in a range of $16.14 to $26.16 and is now at $18.43, 14% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.3% while the 200-day MA has slid 0.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of Symantec on January 19th, 2016 by issuing a Downtrend alert when the shares were trading at $19.49. Since that call, shares of Symantec have fallen 11.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders Symantec

Ticker(s): SYMC