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SmarTrend Watching for Potential Rebound in Shares of Michaels Cos Inc After 17.90% Loss

By Nick Russo

Michaels Cos Inc (NASDAQ:MIK) traded in a range yesterday that spanned from a low of $17.75 to a high of $18.86. Yesterday, the shares fell 17.9%, which took the trading range below the 3-day low of $20.58 on volume of 13.6 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Michaels Cos Inc has traded in a range of $17.25 to $29.75 and is now at $18.11, 5% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.

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

Keywords: rebounders michaels cos inc

Ticker(s): MIK