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Ericsson Rises 1.01% on Heavy Volume: Watch For Potential Pullback
Mar 12, 2013 (SmarTrend(R) News Watch via COMTEX) --
Ericsson (NASDAQ:ERIC) traded in a range yesterday that spanned from a low of $12.91 to a high of $13.29. Yesterday, the shares gained 1.0%, which took the trading range above the 3-day high of $13.08 on volume of 7.0 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Ericsson share prices have moved between a 52-week high of $15.44 and a 52-week low of $8.23 and are now trading 57% above that low price at $12.94 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.5%.
SmarTrend recommended that subscribers consider buying shares of Ericsson on December 3rd, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.47. Since that recommendation, shares of Ericsson have risen 35.3%. We continue to monitor ERIC 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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