Jan 20, 2011 (SmarTrend(R) News Watch via COMTEX) -- New Gold (AMEX:NGD) traded in a range yesterday that spanned from a low of $8.33 to a high of $8.70. Yesterday, the shares fell 2.79%, which took the trading range below the 3-day low of $8.44 on volume of 1.7 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean revision.
Shares of New Gold are currently trading below their 50-day moving average (MA) of $9.16 and should find support at their 200-day MA of $6.79. Look for the MA to provide resistance for a short-term rebound in the shares.
SmarTrend is monitoring the recent change of momentum in New Gold. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of New Gold in search of a potential trend change.
SmarTrend expects the share price to rebound toward the $8.44 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Gold industry.
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Volume Leaders
| Symbol | Name | Last Trade | Change | Volume | Related Info |
|---|---|---|---|---|---|
| ELR.TO | EASTERN PLATINUM LIMITED | 1.77 |  0.09 (5.36%) | 12,510,036 | Chart, Profile, More |
| BBD-B.TO | BOMBARDIER INC., CL. B, SV | 5.71 |  0.14 (2.39%) | 9,838,790 | Chart, Profile, More |
| UUU.TO | URANIUM ONE INC. | 5.74 | 0.28 (5.13%) | 8,937,590 | Chart, Profile, More |
| AYX.TO | AURYX GOLD CORP. | 0.73 | 0.05 (7.35%) | 6,340,281 | Chart, Profile, More |
| K.TO | KINROSS GOLD CORP. | 16.98 | 0.00 (0.00%) | 5,813,464 | Chart, More |
| XIU.TO | iShares S&P/TSX 60 Index | 19.18 | 0.00 (0.00%) | 4,822,014 | Chart, Profile, More |
| VT.TO | VITERRA INC. | 11.37 | 0.27 (2.43%) | 4,195,219 | Chart, Profile, More |
| WIN.TO | WI-LAN INC | 6.47 | 0.36 (5.89%) | 4,023,808 | Chart, Profile, More |
| HNU.TO | Horizons BetaPro NYMEX Natural | 7.61 | 0.11 (1.47%) | 3,918,752 | Chart, Profile, More |
| PDL.TO | N A PALLADIUM | 6.81 | 0.49 (6.71%) | 3,837,530 | Chart, Profile, More |
| FOS.TO | PHOSCAN CHEMICAL CORP. | 0.68 | 0.02 (2.86%) | 3,762,650 | Chart, Profile, More |
| CMK.TO | CLINE MINING CORP | 4.09 | 0.12 (2.85%) | 3,603,049 | Chart, Profile, More |
| AC-B.TO | AIR CANADA, CL.B | 3.01 | 0.07 (2.27%) | 3,388,777 | Chart, Profile, More |
| HND.TO | Horizons BetaPro NYMEX Natural | 7.04 | 0.12 (1.68%) | 3,166,632 | Chart, Profile, More |
| TLM.TO | TALISMAN ENERGY INC. | 22.21 | 0.36 (1.65%) | 3,000,635 | Chart, Profile, More |
| PDN.TO | PALADIN ENERGY LTD. | 5.04 | 0.26 (4.91%) | 2,936,789 | Chart, Profile, More |
| OPC.TO | OPTI CANADA INC. | 0.64 | 0.00 (0.00%) | 2,732,023 | Chart, Profile, More |
| SU.TO | SUNCOR ENERGY INC. | 38.16 | 0.49 (1.30%) | 2,636,310 | Chart, Profile, More |
| GCM.TO | GRAN COLOMBIA GOLD | 1.85 | 0.11 (6.32%) | 2,595,460 | Chart, More |
| ELD.TO | ELDORADO GOLD | 16.03 | 0.35 (2.14%) | 2,588,785 | Chart, Profile, More |
| IMG.TO | IAMGOLD CORP | 18.90 | 0.41 (2.22%) | 2,430,608 | Chart, Profile, More |
| RMX.TO | RUBICON MINERALS CORP. | 4.82 | 0.18 (3.60%) | 2,398,032 | Chart, Profile, More |
| G.TO | GOLDCORP INC | 40.34 | 0.08 (0.20%) | 2,377,046 | Chart, Profile, More |
| NGD.TO | NEW GOLD INC. | 7.66 | 0.32 (4.01%) | 2,343,546 | Chart, Profile, More |
| ECA.TO | ENCANA CORP. | 32.13 | 0.31 (0.97%) | 2,343,468 | Chart, Profile, More |
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