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Look for Shares of Covenant Trans-A to Potentially Rebound after Yesterday's 4.30% Sell Off

By Shiri Gupta

Covenant Trans-A (NASDAQ:CVTI) traded in a range yesterday that spanned from a low of $12.10 to a high of $12.81. Yesterday, the shares fell 4.3%, which took the trading range below the 3-day low of $12.59 on volume of 64,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Covenant Trans-Ahas traded in a range of $12.10 to $24.99 and are now at $12.14. In the last five trading sessions, the 50-day moving average (MA) has fallen 1% while the 200-day MA has slid 1.1%.

SmarTrend recommended that its subscribers protect gains by selling shares of Covenant Trans-A on October 1st, 2019 by issuing a Downtrend alert when the shares were trading at $16.08. Since that call, shares of Covenant Trans-A have fallen 21.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders covenant trans-a

Ticker(s): CVTI