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Garmin Falls 9.43% on Heavy Volume: Watch For Potential Rebound
Feb 20, 2013 (SmarTrend(R) News Watch via COMTEX) --
Garmin (NASDAQ:GRMN) traded in a range yesterday that spanned from a low of $34.65 to a high of $36.05. Yesterday, the shares fell 9.4%, which took the trading range below the 3-day low of $38.20 on volume of 6.7 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean revision.
In the past 52 weeks, Garmin share prices have been bracketed by a low of $29.23 and a high of $50.67 and are now at $35.54, 22% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has remained constant.
SmarTrend is tracking the current trend status for Garmin and will alert subscribers who have GRMN in their portfolio or watchlist when shares have changed trend direction.
Write to Chip Brian at cbrian@mysmartrend.com
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