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Look for Shares of Magnum Hunter Resources to Potentially Pullback after Yesterday's 4.22% Rise
Feb 14, 2012 (SmarTrend(R) News Watch via COMTEX) --
Magnum Hunter Resources (NYSE:MHR) traded in a range yesterday that spanned from a low of $6.50 to a high of $6.88. Yesterday, the shares gained 4.2%, which took the trading range above the 3-day high of $6.41 on volume of 6.8 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
SmarTrend recommended that subscribers consider buying shares of Magnum Hunter Resources on December 27th, 2011 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $5.25. Since that recommendation, shares of Magnum Hunter Resources have risen 21.9%. We continue to monitor MHR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
In the past 52 weeks, Magnum Hunter Resources share prices have been bracketed by a low of $2.33 and a high of $8.66 and are now at $6.67, 186% above that low price. The 200-day and 50-day moving averages have moved 0.44% lower and 2.02% higher over the past week, respectively.
Write to Chip Brian at cbrian@mysmartrend.com
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