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Look for Shares of ENI SpA to Potentially Rebound after Yesterday's 3.25% Sell Off
Jan 29, 2013 (SmarTrend(R) News Watch via COMTEX) --
ENI SpA (NYSE:E) traded in a range yesterday that spanned from a low of $49.85 to a high of $52.13. Yesterday, the shares fell 3.3%, which took the trading range below the 3-day low of $51.43 on volume of 3.8 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, ENI SpA share prices have been bracketed by a low of $36.59 and a high of $52.27 and are now at $50.15, 37% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.9%.
SmarTrend recommended that subscribers consider buying shares of ENI SpA on November 29th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $47.33. Since that recommendation, shares of ENI SpA have risen 9.5%. We continue to monitor E for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Write to Chip Brian at cbrian@mysmartrend.com
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SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com
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