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SmarTrend Watching for Potential Pullback in Shares of Allegheny Technologies After 7.02% Gain

By James Quinn

Allegheny Technologies (NYSE:ATI) traded in a range yesterday that spanned from a low of $15.05 to a high of $16.01. Yesterday, the shares gained 7.0%, which took the trading range above the 3-day high of $15.70 on volume of 1.6 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 Allegheny Technologies have traded between a low of $7.08 and a high of $37.76 and are now at $15.95, which is 125% above that low price. The 200-day and 50-day moving averages have moved 1.21% lower and 1.91% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Allegheny Technologies on March 27th, 2017 by issuing a Downtrend alert when the shares were trading at $16.72. Since that call, shares of Allegheny Technologies have fallen 11.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders allegheny technologies

Ticker(s): ATI