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Safeway (SWY) Breaks Through Resistance at $36.42

By James Quinn

Shares of Safeway (NYSE:SWY) opened today above their pivot of $35.65 and have already reached the first level of resistance at $36.42. Investors may be interested in a cross of the next upside pivot targets of $37.51 and $39.37.

Safeway has overhead space with shares priced $35.52, or 3.4% below the average consensus analyst price target of $36.78. The stock should find initial support at its 50-day moving average (MA) of $32.28 and further support at its 200-day MA of $29.19.

In the past 52 weeks, Safeway share prices have been bracketed by a low of $20.00 and a high of $36.90 and are now at $35.52, 78% above that low price. The 200-day and 50-day moving averages have moved 0.57% higher and 0.26% higher over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Safeway. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Safeway in search of a potential trend change.

Keywords: pivot alerts Safeway

Ticker(s): SWY