SmarTrend Watching for Potential Rebound in Shares of Magna International After 2.84% Loss
Magna International (NYSE:MGA) traded in a range yesterday that spanned from a low of $40.05 to a high of $41.99. Yesterday, the shares fell 2.8%, which took the trading range below the 3-day low of $41.48 on volume of 1.7 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
In the past 52 weeks, Magna International share prices have been bracketed by a low of $30.41 and a high of $59.42 and are now at $40.10, 32% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 1.2%.
SmarTrend recommended that subscribers consider buying shares of Magna International on July 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $37.61. Since that recommendation, shares of Magna International have risen 10.5%. We continue to monitor MGA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: rebounders Magna International