Local.com (NASDAQ:LOCM) traded in a range yesterday that spanned from a low of $6.33 to a high of $6.72. Yesterday, the shares fell 3.91%, which took the trading range below the 3-day low of $6.47 on volume of 252,000 shares.
Shares of Local.com are currently trading below their 50-day moving average (MA) of $7.22 and below their 200-day MA of $6.42. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Local.com and our subscribers were alerted to Sell on July 02, 2010 at $6.55. The stock has fallen 2.4% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $6.47 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Internet Information Providers industry.