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SmarTrend Watching for Potential Rebound in Shares of Summit Materia-A After 1.64% Loss

By Nick Russo

Summit Materia-A (NYSE:SUM) traded in a range yesterday that spanned from a low of $18.47 to a high of $18.98. Yesterday, the shares fell 1.6%, which took the trading range below the 3-day low of $18.73 on volume of 1.2 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, shares of Summit Materia-A have traded between the current low of $18.47 and a high of $33147.66 and are now at $18.65. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.5% while the 200-day MA has slid 35%.

SmarTrend recommended that its subscribers protect gains by selling shares of Summit Materia-A on December 7th, 2017 by issuing a Downtrend alert when the shares were trading at $30.76. Since that call, shares of Summit Materia-A have fallen 38.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders summit materia-a

Ticker(s): SUM