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SmarTrend Watching for Potential Pullback in Shares of Canadian Pacific Railway After 1.34% Gain

By Shiri Gupta

Canadian Pacific Railway (NYSE:CP) traded in a range yesterday that spanned from a low of $149.76 to a high of $152.15. Yesterday, the shares gained 1.3%, which took the trading range above the 3-day high of $150.29 on volume of 336,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Canadian Pacific Railway share prices have moved between a 52-week high of $197.59 and a 52-week low of $97.09 and are now trading 57% above that low price at $152.10 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.1%.

SmarTrend recommended that subscribers consider buying shares of Canadian Pacific Railway on July 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $132.33. Since that recommendation, shares of Canadian Pacific Railway have risen 13.4%. We continue to monitor CP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders canadian pacific railway

Ticker(s): CP