Builders FirstSource (NASDAQ:BLDR) traded in a range yesterday that spanned from a low of $2.24 to a high of $2.42. Yesterday, the shares fell 6.25%, which took the trading range below the 3-day low of $2.26 on volume of 77,000 shares.
Shares of Builders FirstSource are currently trading below their 50-day moving average (MA) of $3.03 and below their 200-day MA of $3.56. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Builders FirstSource and our subscribers were alerted to Sell on June 09, 2010 at $2.99. The stock has fallen 24.6% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $2.26 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend General Building Materials industry.