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Watch for Summit Materia-A to Potentially Rebound After Falling 1.33% Yesterday

By David Diaz

Summit Materia-A (NYSE:SUM) traded in a range yesterday that spanned from a low of $28.17 to a high of $28.64. Yesterday, the shares fell 1.3%, which took the trading range below the 3-day low of $28.52 on volume of 566,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Summit Materia-A has traded in a range of $17.27 to $29.67 and is now at $28.24, 63% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 2.0%.

SmarTrend recommended that subscribers consider buying shares of Summit Materia-A on April 21st, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $25.42. Since that recommendation, shares of Summit Materia-A have risen 12.5%. We continue to monitor SUM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders summit materia-a

Ticker(s): SUM