Medis Technologies (NASDAQ:MDTL) traded in a range yesterday that spanned from a low of $0.03 to a high of $0.04. Yesterday, the shares fell 53.85%, which took the trading range below the 3-day low of $0.03 on volume of 86,000 shares.
Shares of Medis Technologies are currently trading below their 50-day moving average (MA) of $0.07 and below their 200-day MA of $0.15. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Medis Technologies and our subscribers were alerted to Sell on October 28, 2009 at $0.20. The stock has fallen 85% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $0.03 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Industrial Electrical Equipment industry.