Smith & Wesson Hioldings Wounded Again

Smith & Wesson Holdings

shares are trading lower by $1 at $21.68 in Monday's session. It is trading lower for the second day in a row, losing over $3 from Thursday's close ($24.41) at today's current low for the session at $21.36. A slowdown in firearm background checks has sent investors to the exit in the issue, which had already been under selling pressure since it made a all time high in March at $30.44. After a higher, it first appeared that the issue was going to recoup some of Friday's decline but that rally stalled at $22.97. Once Friday's low was breached ($22.39), the selling pace accelerated. The ensuing decline has taken the issue to a very important support area. Back on April 18, it bottomed at $21.36 and rebounded. At this time, it has found intraday support in that same area at $21.36 and has staged a rebound.