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Watch for New Oriental Education & Technology to Potentially Pullback After Gaining 1.70% Yesterday

By James Quinn

New Oriental Education & Technology (NYSE:EDU) traded in a range yesterday that spanned from a low of $75.08 to a high of $76.63. Yesterday, the shares gained 1.7%, which took the trading range above the 3-day high of $76.23 on volume of 672,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of New Oriental Education & Technology have traded between a low of $18.09 and a high of $83.21 and are now at $75.28, which is 316% above that low price. Over the past week, the 200-day moving average (MA) has gone up 1.1% while the 50-day MA has advanced 1.7%.

SmarTrend recommended that subscribers consider buying shares of New Oriental Education & Technology on January 5th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $46.70. Since that recommendation, shares of New Oriental Education & Technology have risen 58.7%. We continue to monitor EDU for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders new oriental education & technology

Ticker(s): EDU