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Look for Shares of Validus Holdings to Pullback after Yesterday's 2.77% Rise (VR)

 

Thursday, Aug 26,2010, 6:24:48 PM   Click:

Validus Holdings (NYSE:VR) traded in a range yesterday that spanned from a low of $24.93 to a high of $25.67. Yesterday, the shares gained 2.77%, which took the trading range above the 3-day high of $25.07 on volume of 489,000 shares.

Shares of Validus Holdings are currently trading above their 50-day moving average (MA) of $24.80 and should find resistance at their 200-day MA of $25.74. Look for these MAs to provide support for a short-term pullback in the shares.

SmarTrend is bullish on shares of Validus Holdings and our subscribers were alerted to Buy on July 09, 2010 at $25.28. The stock has risen 1.4% since the alert was issued.

SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $25.07 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Multi-Line Insurance industry.

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