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.
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.
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. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.8%.
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