Watch For Potential ReboundEnCana Falls 4.57% on Heavy Volume: Watch For Potential Rebound 14:32:52 EDT05/02/2016 May 02, 2016 (SmarTrend(R) News Watch via COMTEX News Network) -- EnCana (NYSE:ECA) traded in a range yesterday that spanned from a low of $7.25 to a high of $7.62. Yesterday, the shares fell 4.6%, which took the trading range below the 3-day low of $7.42 on volume of 10.7 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
In the past 52 weeks, shares of EnCana have traded between a low of $3.00 and a high of $14.73 and are now at $7.39, which is 146% above that low price. The 200-day and 50-day moving averages have moved 0.86% lower and 7.32% higher over the past week, respectively.
SmarTrend recommended that subscribers consider buying shares of EnCana on March 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $4.21. Since that recommendation, shares of EnCana have risen 82.2%. We continue to monitor ECA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Write to Chip Brian at cbrian@mysmartrend.com