Builders FirstSource (NASDAQ:BLDR) traded in a range yesterday that spanned from a low of $2.22 to a high of $2.44. Yesterday, the shares fell 7.05%, which took the trading range below the 3-day low of $2.35 on volume of 568,000 shares.
Shares of Builders FirstSource are currently trading below their 50-day moving average (MA) of $2.89 and below their 200-day MA of $3.50. 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 25% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $2.35 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend General Building Materials industry.