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Look for Shares of Michaels Cos Inc to Potentially Rebound after Yesterday's 4.59% Sell Off

By Amy Schwartz

Michaels Cos Inc (NASDAQ:MIK) traded in a range yesterday that spanned from a low of $12.27 to a high of $12.35. Yesterday, the shares fell 4.6%, which took the trading range below the 3-day low of $12.35 on volume of 881,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Michaels Cos Inchas traded in a range of $12.27 to $27.87 and are now at $12.27. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 0.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Michaels Cos Inc on January 30th, 2019 by issuing a Downtrend alert when the shares were trading at $14.00. Since that call, shares of Michaels Cos Inc have fallen 8.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders michaels cos inc

Ticker(s): MIK