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Fabrinet Set to Possibly Pullback After Yesterday's Rally of 2.12%

By Shiri Gupta

Fabrinet (NYSE:FN) traded in a range yesterday that spanned from a low of $37.60 to a high of $39.09. Yesterday, the shares gained 2.1%, which took the trading range above the 3-day high of $38.97 on volume of 330,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of Fabrinet have traded between a low of $17.71 and a high of $49.63 and are now at $38.16, which is 115% above that low price. The 200-day and 50-day moving averages have moved 1.36% higher and 1.51% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Fabrinet on April 5th, 2017 by issuing a Downtrend alert when the shares were trading at $39.61. Since that call, shares of Fabrinet have fallen 5.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders fabrinet

Ticker(s): FN