Tyson Foods (NYSE:TSN) traded in a range yesterday that spanned from a low of $17.59 to a high of $17.92. Yesterday, the shares fell 1.29%, which took the trading range below the 3-day low of $17.62 on volume of 2 million shares.
Shares of Tyson Foods should find initial support at their 50-day moving average (MA) of $17.54 and further support at their 200-day MA of $15.88. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Tyson Foods and our subscribers were alerted to Sell on May 06, 2010 at $18.18. The stock has fallen 3% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $17.64 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Food- Major Diversified industry.