Aug 24, 2011

AutoNavi Holdings (NASDAQ:AMAP - Snapshot Report) traded in a range yesterday that spanned from a low of $14.13 to a high of $14.64. Yesterday, the shares fell 1.03%, which took the trading range below the 3-day low of $14.38 on volume of 187,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean revision.

Shares of AutoNavi Holdings are currently trading below their 50-day moving average (MA) of $15.41 and below their 200-day MA of $17.11. Look for the MA to provide resistance for a short-term rebound in the shares.

SmarTrend currently has shares of AutoNavi Holdings in an Downtrend and issued the Downtrend alert on May 02, 2011 at $17.68. The stock has fallen 17.7% since the Downtrend alert was issued.

SmarTrend expects the share price to rebound toward the $14.40 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Application Software industry. 

Source:zacks