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Look for Shares of Canadian Pacific Railway to Potentially Pullback after Yesterday's 3.38% Rise
Jan 29, 2013 (SmarTrend(R) News Watch via COMTEX) --
Canadian Pacific Railway (NYSE:CP) traded in a range yesterday that spanned from a low of $111.13 to a high of $118.07. Yesterday, the shares gained 3.4%, which took the trading range above the 3-day high of $113.25 on volume of 1.6 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, Canadian Pacific Railway has traded in a range of $68.69 to $118.07 and is now at $115.80, 69% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.3%.
SmarTrend recommended that subscribers consider buying shares of Canadian Pacific Railway on October 4th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $86.97. Since that recommendation, shares of Canadian Pacific Railway have risen 28.8%. We continue to monitor CP 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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