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Safeway (SWY) Breaks Through Support at $23.40
[March 11, 2013]

Safeway (SWY) Breaks Through Support at $23.40

Mar 11, 2013 (SmarTrend(R) News Watch via COMTEX) -- Shares of Safeway (NYSE:SWY) have bearishly opened below the pivot of $23.75 today and have reached the first support level of $23.40. Investors may be interested in a cross of the next downside pivot targets of $23.21 and $22.67.

Safeway share prices have moved between a 52-week high of $25.14 and a 52-week low of $14.73 and are now trading 60% above that low price at $23.56 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.0% while the 200-day MA has risen 0.8%.

Safeway (NYSE:SWY) is currently priced 5.4% above its average consensus analyst price target of $22.29. The stock should find initial support at its 50-day moving average (MA) of $20.05 and further support at its 200-day MA of $17.60.

SmarTrend recommended that subscribers consider buying shares of Safeway on September 14th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.80. Since that recommendation, shares of Safeway have risen 40.5%. We continue to monitor SWY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Write to Chip Brian at --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at:

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