Watch for Toyota Motor to Potentially Rebound after Falling 2.45% Yesterday (TM)
Posted by: Auto Buff / Category: ToyotaToyota Motor (NYSE:TM) traded in a range yesterday that spanned from a low of $66.15 to a high of $67.18. Yesterday, the shares fell 2.45%, which took the trading range below the 3-day low of $66.16 on volume of 512,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
Shares of Toyota Motor are currently trading below their 50-day moving average (MA) of $69.47 and below their 200-day MA of $79.33. Look for the MA to provide resistance for a short-term rebound in the shares.
SmarTrend currently has shares of Toyota Motor in an Downtrend and issued the Downtrend alert on August 03, 2011 at $80.61. The stock has fallen 15.6% since the Downtrend alert was issued.
SmarTrend expects the share price to rebound toward the $66.36 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Auto Manufacturers- Major industry.
