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Watch for Vale to Potentially Pullback After Gaining 2.92% Yesterday

By Shiri Gupta

Vale (NASDAQ:VALE) traded in a range yesterday that spanned from a low of $7.91 to a high of $8.20. Yesterday, the shares gained 2.9%, which took the trading range above the 3-day high of $8.15 on volume of 16.5 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of Vale have traded between a low of $2.13 and a high of $11.70 and are now at $8.12, which is 281% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.7% while the 200-day MA has slid 0.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Vale on March 6th, 2017 by issuing a Downtrend alert when the shares were trading at $9.95. Since that call, shares of Vale have fallen 20.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders

Ticker(s): VALE