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Rowan Rises 2.03% on Heavy Volume: Watch For Potential Pullback

By Shiri Gupta

Rowan (NYSE:RDC) traded in a range yesterday that spanned from a low of $13.23 to a high of $13.88. Yesterday, the shares gained 2.0%, which took the trading range above the 3-day high of $13.85 on volume of 1.5 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of Rowan have traded between a low of $10.67 and a high of $24.31 and are now at $13.66, which is 28% above that low price. The 200-day and 50-day moving averages have moved 0.03% higher and 3.11% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Rowan on January 31st, 2017 by issuing a Downtrend alert when the shares were trading at $17.63. Since that call, shares of Rowan have fallen 24.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders rowan

Ticker(s): RDC