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Office Depot Inc Set to Possibly Rebound After Yesterday's Selloff of 7.91%

By Nick Russo

Office Depot Inc (NASDAQ:ODP) traded in a range yesterday that spanned from a low of $3.26 to a high of $3.28. Yesterday, the shares fell 7.9%, which took the trading range below the 3-day low of $3.31 on volume of 4.7 million 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 Office Depot Inc have traded between a low of $2.00 and a high of $3.82 and are now at $3.26, which is 63% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.8%.

SmarTrend recommended that subscribers consider buying shares of Office Depot Inc on January 11th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.92. Since that recommendation, shares of Office Depot Inc have risen 21.2%. We continue to monitor ODP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders office depot inc

Ticker(s): ODP