Synergetics USA (NASDAQ:SURG) traded in a range yesterday that spanned from a low of $2.45 to a high of $2.88. Yesterday, the shares gained 10.40%, which took the trading range above the 3-day high of $2.63 on volume of 231,000 shares.
Shares of Synergetics USA are currently trading above their 50-day moving average (MA) of $2.28 and above their 200-day MA of $1.59. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of Synergetics USA and our subscribers were alerted to Buy on August 17, 2009 at $1.49. The stock has risen 85.2% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $2.63 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Medical Instruments industry.