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Look for Shares of Kennametal Inc to Potentially Rebound after Yesterday's 5.12% Sell Off

By Amy Schwartz

Kennametal Inc (NYSE:KMT) traded in a range yesterday that spanned from a low of $31.50 to a high of $32.93. Yesterday, the shares fell 5.1%, which took the trading range below the 3-day low of $32.57 on volume of 396,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

In the past 52 weeks, shares of Kennametal Inc have traded between a low of $30.32 and a high of $45.10 and are now at $31.53, which is 4% above that low price. The 200-day and 50-day moving averages have moved 0.37% lower and 0.9% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Kennametal Inc on May 7th, 2019 by issuing a Downtrend alert when the shares were trading at $37.38. Since that call, shares of Kennametal Inc have fallen 10.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders kennametal inc

Ticker(s): KMT