SmarTrend Watching for Potential Pullback in Shares of America Movil After 0.35% Gain (AMX)

America Movil (NYSE:AMX) traded in a range yesterday that spanned from a low of $56.80 to a high of $57.33. Yesterday, the shares gained 0.35%, which took the trading range above the 3-day high of $57.23 on volume of 2.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Shares of America Movil are currently trading above their 50-day moving average (MA) of $56.89 and above their 200-day MA of $51.36. Look for the MA to provide support for a short-term pullback in the shares.
SmarTrend currently has shares of America Movil in an Uptrend and issued the Uptrend alert on September 16, 2010 at $49.90. The stock has risen 13.6% since the Uptrend alert was issued.
SmarTrend expects the share price to pullback toward the $56.90 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Wireless Communications industry.
News via Smart Trend