CardioNet (NASDAQ:BEAT) traded in a range yesterday that spanned from a low of $4.39 to a high of $4.98. Yesterday, the shares fell 8.32%, which took the trading range below the 3-day low of $4.43 on volume of 485,000 shares.
Shares of CardioNet are currently trading below their 50-day moving average (MA) of $6.55 and below their 200-day MA of $6.58. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of CardioNet and our subscribers were alerted to Sell on May 21, 2010 at $7.55. The stock has fallen 41.6% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $4.43 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Medical Instruments industry.