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Look for Shares of Michaels Cos Inc to Potentially Rebound after Yesterday's 5.87% Sell Off

By James Quinn

Michaels Cos Inc (NASDAQ:MIK) traded in a range yesterday that spanned from a low of $7.23 to a high of $7.43. Yesterday, the shares fell 5.9%, which took the trading range below the 3-day low of $7.34 on volume of 695,000 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 Michaels Cos Inc have traded between the current low of $7.23 and a high of $25.57 and are now at $7.38. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of Michaels Cos Inc on November 14th, 2019 by issuing a Downtrend alert when the shares were trading at $8.75. Since that call, shares of Michaels Cos Inc have fallen 15.7%. 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