Crosstex Energy (NASDAQ:XTEX) traded in a range yesterday that spanned from a low of $11.38 to a high of $12.20. Yesterday, the shares gained 4.76%, which took the trading range above the 3-day high of $11.48 on volume of 487,000 shares.
Shares of Crosstex Energy are currently trading above their 50-day moving average (MA) of $10.20 and above their 200-day MA of $9.18. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of Crosstex Energy and our subscribers were alerted to Buy on June 14, 2010 at $10.48. The stock has risen 13.5% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $11.48 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Energy MLP industry.