Watch for Taubman Centers to Potentially Pullback After Gaining 5.10% Yesterday
Taubman Centers (NYSE:TCO) traded in a range yesterday that spanned from a low of $73.55 to a high of $78.65. Yesterday, the shares gained 5.1%, which took the trading range above the 3-day high of $72.32 on volume of 1.7 million 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, Taubman Centers has traded in a range of $63.32 to $81.68 and is now at $74.75, 18% above that low. The 200-day and 50-day moving averages have moved 0.03% higher and 0.30% higher over the past week, respectively.
SmarTrend recommended that its subscribers protect gains by selling shares of Taubman Centers on September 13th, 2016 by issuing a Downtrend alert when the shares were trading at $74.65. Since that call, shares of Taubman Centers have fallen 4.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: rebounders taubman centers