Sanderson Farms (NASDAQ:SAFM) traded in a range yesterday that spanned from a low of $47.65 to a high of $48.66. Yesterday, the shares fell 0.51%, which took the trading range below the 3-day low of $47.66 on volume of 651,000 shares.
Shares of Sanderson Farms are currently trading below their 50-day moving average (MA) of $52.46 and below their 200-day MA of $48.45. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Sanderson Farms and our subscribers were alerted to Sell on May 06, 2010 at $53.48. The stock has fallen 9.5% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $48.42 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Food- Major Diversified industry.