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Look for Shares of Universal Forest Products to Rebound after Yesterday's 0.19% Sell Off (UFPI)

Written on Fri, 07/30/2010 - 3:40am
By Chip Brian

Universal Forest Products (NASDAQ:UFPI) traded in a range yesterday that spanned from a low of $30.36 to a high of $32.06. Yesterday, the shares fell 0.19%, which took the trading range below the 3-day low of $31.11 on volume of 120,000 shares.
Shares of Universal Forest Products are currently trading below their 50-day moving average (MA) of $32.97 and below their 200-day MA of $36.73. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Universal Forest Products and our subscribers were alerted to Sell on May 05, 2010 at $40.43. The stock has fallen 22.6% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $31.29 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Lumber/Wood Protection industry.

Keywords: universal forest products trading range stock news

Ticker(s): UFPI

Contact Chip Brian



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