DXP Enterprises (NASDAQ:DXPE) traded in a range yesterday that spanned from a low of $18.03 to a high of $19.98. Yesterday, the shares gained 7.84%, which took the trading range above the 3-day high of $18.80 on volume of 146,000 shares.
Shares of DXP Enterprises are currently trading above their 50-day moving average (MA) of $16.04 and above their 200-day MA of $13.51. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of DXP Enterprises and our subscribers were alerted to Buy on July 13, 2010 at $17.35. The stock has risen 15% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $18.80 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Industrial Equipment & Components industry.