Nalco Holding (NYSE:NLC) traded in a range yesterday that spanned from a low of $26.38 to a high of $26.91. Yesterday, the shares fell 0.75%, which took the trading range below the 3-day low of $26.58 on volume of 811,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean revision.
Shares of Nalco Holding are currently trading below their 50-day moving average (MA) of $26.60 and below their 200-day MA of $26.94. Look for the MA to provide resistance for a short-term rebound in the shares.
SmarTrend currently has shares of Nalco Holding in an Downtrend and issued the Downtrend alert on January 07, 2011 at $30.03. The stock has fallen 10.8% since the Downtrend alert was issued.
SmarTrend expects the share price to rebound toward the $26.59 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Chemicals- Major Diversified industry.
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