Downward wedge patterns have been noticed on January 3 for the stocks Covidien plc, McDermott International Inc, Permian Basin Royalty Trust, Sumitomo Mitsui Financial Group Inc, and Bank of America Corporation. The price range of these stocks is getting more narrow as the downward trend continues, thus signally the trend is losing steam. This sends a bullish signal to investors as the downward trend is ending.
Shares of Covidien plc (COV) traded higher by 1.67% or $0.75/share to $45.76. In the past year, the shares have traded as low as $41.15 and as high as $57.14. On average, 3614470 shares of COV exchange hands on a given day and today's volume is recorded at 3760108.
Shares of McDermott International Inc (MDR) traded higher by 3.56% or $0.41/share to $11.92. In the past year, the shares have traded as low as $9.34 and as high as $26.14. On average, 4999390 shares of MDR exchange hands on a given day and today's volume is recorded at 2349240.
Shares of Permian Basin Royalty Trust (PBT) fell by 0.49% or $-0.10/share to $20.27. In the past year, the shares have traded as low as $17.73 and as high as $22.72. On average, 170800 shares of PBT exchange hands on a given day and today's volume is recorded at 190183.
Shares of Sumitomo Mitsui Financial Group Inc (SMFG) traded higher by 3.45% or $0.19/share to $5.7. In the past year, the shares have traded as low as $5.12 and as high as $7.77. On average, 423730 shares of SMFG exchange hands on a given day and today's volume is recorded at 447969.
Shares of Bank of America Corporation (BAC) traded higher by 4.32% or $0.24/share to $5.8. In the past year, the shares have traded as low as $4.92 and as high as $15.24. On average, 263161590 shares of BAC exchange hands on a given day and today's volume is recorded at 238284560.
