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Watch for Allete Inc to Potentially Rebound After Falling 2.43% Yesterday

By James Quinn

Allete Inc (NYSE:ALE) traded in a range yesterday that spanned from a low of $79.04 to a high of $81.58. Yesterday, the shares fell 2.4%, which took the trading range below the 3-day low of $81.26 on volume of 106,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Allete Inc share prices have moved between a 52-week high of $88.60 and a 52-week low of $75.66 and are now trading 6% above that low price at $79.90 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

SmarTrend is tracking the current trend status for Allete Inc and will alert subscribers who have ALE in their portfolio or watchlist when shares have changed trend direction.

Keywords: rebounders allete inc

Ticker(s): ALE