DreamWorks Animation (NASDAQ:DWA) traded in a range yesterday that spanned from a low of $31.62 to a high of $32.15. Yesterday, the shares gained 1.26%, which took the trading range above the 3-day high of $31.70 on volume of 712,000 shares.
Shares of DreamWorks Animation are currently trading above their 50-day moving average (MA) of $30.15 and should find resistance at their 200-day MA of $36.41. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of DreamWorks Animation and our subscribers were alerted to Buy on July 14, 2010 at $31.11. The stock has risen 3.1% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $31.70 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Diversified Media industry.