NASDAQ Trading (US)
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SmarTrend Watching for Potential Rebound in Shares of Tennessee Commerce Bancorp (TNCC)
Written on Mon, 11/14/2011 - 2:28am
By David Diaz
Tennessee Commerce Bancorp (NASDAQ:TNCC) traded in a range yesterday that spanned from a low of $0.08 to a high of $0.10. Yesterday, the shares fell 7.78%, which took the trading range below the 3-day low of $0.08 on volume of 53,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
Shares of Tennessee Commerce Bancorp are currently trading below their 50-day moving average (MA) of $0.76 and below their 200-day MA of $2.68. Look for the MA to provide resistance for a short-term rebound in the shares.
SmarTrend currently has shares of Tennessee Commerce Bancorp in an Downtrend and issued the Downtrend alert on April 04, 2011 at $4.52. The stock has fallen 98% since the Downtrend alert was issued.
SmarTrend expects the share price to rebound toward the $0.08 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Regional Banks- Southeast industry.