Huntsman (NYSE:HUN) traded in a range yesterday that spanned from a low of $10.07 to a high of $10.71. Yesterday, the shares gained 2.15%, which took the trading range above the 3-day high of $10.67 on volume of 2.4 million shares.
Shares of Huntsman are currently trading above their 50-day moving average (MA) of $9.33 and should find resistance at their 200-day MA of $10.77. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of Huntsman and our subscribers were alerted to Buy on July 23, 2010 at $9.74. The stock has risen 7.3% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $10.45 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Chemicals- Major Diversified industry.