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SmarTrend Watching for Potential Rebound in Shares of Ellie Mae Inc After 1.90% Loss

By Nick Russo

Ellie Mae Inc (NYSE:ELLI) traded in a range yesterday that spanned from a low of $65.01 to a high of $67.05. Yesterday, the shares fell 1.9%, which took the trading range below the 3-day low of $66.21 on volume of 370,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

SmarTrend recommended that its subscribers protect gains by selling shares of Ellie Mae Inc on September 17th, 2018 by issuing a Downtrend alert when the shares were trading at $99.46. Since that call, shares of Ellie Mae Inc have fallen 32.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Over the past year, Ellie Mae Inc has traded in a range of $61.51 to $116.90 and is now at $65.73, 7% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 3.3%.

Keywords: rebounders ellie mae inc

Ticker(s): ELLI