Lancaster Colony (NASDAQ:LANC) traded in a range yesterday that spanned from a low of $52.35 to a high of $54.06. Yesterday, the shares fell 1.27%, which took the trading range below the 3-day low of $53.24 on volume of 114,000 shares.
Shares of Lancaster Colony are currently trading below their 50-day moving average (MA) of $54.02 and below their 200-day MA of $53.85. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Lancaster Colony and our subscribers were alerted to Sell on April 30, 2010 at $55.72. The stock has fallen 5.4% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $53.24 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Food- Major Diversified industry.