GMX Resources Bearish Moving Average Crossover Alert (GMXR)
Today, shares of GMX Resources (NASDAQ: GMXR) have crossed bearishly below their 10-day moving average of $9.78 on volume of 984 thousand shares.
This may provide swing traders with an opportunity for a short position as such a crossover often suggests lower prices in the near term. Watch for a close below this moving average level for confirmation.
SmarTrend issued a Downtrend Alert for GMX Resources on January 27, 2010 at $11.31. In approximately 2 months, GMX Resources has returned 16.1% as of today's recent price of $9.49.
We will continue to monitor GMXR's share price relative to this moving average.
Write to Chip Brian at cbrian@tradethetrend.com
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