Watch for Comerica to Potentially Pullback After Gaining 2.62% Yesterday
Comerica (NYSE:CMA) traded in a range yesterday that spanned from a low of $48.68 to a high of $50.54. Yesterday, the shares gained 2.6%, which took the trading range above the 3-day high of $48.99 on volume of 2.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Comerica share prices have moved between a 52-week high of $53.45 and a 52-week low of $30.48 and are now trading 62% above that low price at $49.45 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.8% while the 200-day MA has slid 0.3%.
SmarTrend recommended that subscribers consider buying shares of Comerica on July 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $43.54. Since that recommendation, shares of Comerica have risen 10.4%. We continue to monitor CMA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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