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Watch for Spectrum Pharmac to Potentially Pullback After Gaining 5.70% Yesterday

By Shiri Gupta

Spectrum Pharmac (NASDAQ:SPPI) traded in a range yesterday that spanned from a low of $9.18 to a high of $9.33. Yesterday, the shares gained 5.7%, which took the trading range above the 3-day high of $9.27 on volume of 162,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Spectrum Pharmac has traded in a range of $6.22 to $14.65 and is now at $9.27, 49% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 0.4%.

SmarTrend is tracking the current trend status for Spectrum Pharmac and will alert subscribers who have SPPI in their portfolio or watchlist when shares have changed trend direction.

Keywords: rebounders spectrum pharmac

Ticker(s): SPPI