After Yesterday's Rally of 8.13% Shares Could Potentially Pullback
Atwood Oceanics (NYSE:ATW) traded in a range yesterday that spanned from a low of $11.14 to a high of $11.90. Yesterday, the shares gained 8.1%, which took the trading range above the 3-day high of $11.37 on volume of 2.3 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Atwood Oceanics share prices have moved between a 52-week high of $35.66 and a 52-week low of $4.82 and are now trading 144% above that low price at $11.77 per share. 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 February 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $7.00. Since that recommendation, shares of Atwood Oceanics have risen 54.8%. We continue to monitor ATW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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