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Rite Aid Rises 8.33% on Heavy Volume: Watch For Potential Pullback

By Nick Russo

Rite Aid (NYSE:RAD) traded in a range yesterday that spanned from a low of $3.05 to a high of $3.28. Yesterday, the shares gained 8.3%, which took the trading range above the 3-day high of $3.13 on volume of 12.9 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Rite Aid share prices have moved between a 52-week high of $9.47 and a 52-week low of $2.90 and are now trading 12% above that low price at $3.25 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Rite Aid on January 23rd, 2017 by issuing a Downtrend alert when the shares were trading at $7.17. Since that call, shares of Rite Aid have fallen 58.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders Rite Aid

Ticker(s): RAD