Furniture Brands (NYSE:FBN) traded in a range yesterday that spanned from a low of $5.00 to a high of $5.33. Yesterday, the shares fell 4.13%, which took the trading range below the 3-day low of $5.22 on volume of 389,000 shares.
Shares of Furniture Brands are currently trading below their 50-day moving average (MA) of $6.73 and below their 200-day MA of $5.82. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Furniture Brands and our subscribers were alerted to Sell on May 24, 2010 at $6.65. The stock has fallen 23.2% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $5.22 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Home Furnishings & Fixtures industry.