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Watch for Office Depot Inc to Potentially Rebound After Falling 7.91% Yesterday

By Nick Russo

Office Depot Inc (NASDAQ:ODP) traded in a range yesterday that spanned from a low of $3.26 to a high of $3.28. Yesterday, the shares fell 7.9%, which took the trading range below the 3-day low of $3.31 on volume of 4.7 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

SmarTrend recommended that subscribers consider buying shares of Office Depot Inc on January 11th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.92. Since that recommendation, shares of Office Depot Inc have risen 21.2%. We continue to monitor ODP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Over the past year, Office Depot Inc has traded in a range of $2.00 to $3.82 and is now at $3.26, 63% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.8%.

Keywords: rebounders office depot inc

Ticker(s): ODP