International Bancshares (NASDAQ:IBOC) traded in a range yesterday that spanned from a low of $15.33 to a high of $16.55. Yesterday, the shares fell 5.60%, which took the trading range below the 3-day low of $15.73 on volume of 293,000 shares.
Shares of International Bancshares are currently trading below their 50-day moving average (MA) of $18.65 and below their 200-day MA of $19.54. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of International Bancshares and our subscribers were alerted to Sell on May 05, 2010 at $22.35. The stock has fallen 31.3% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $15.73 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Regional Banks- Southwest industry.