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TMCNet:  Safeway (SWY) Breaks Through Support at $23.40

[March 11, 2013]

Safeway (SWY) Breaks Through Support at $23.40

Mar 11, 2013 (SmarTrend(R) News Watch via COMTEX) -- Shares of Safeway (NYSE:SWY) have bearishly opened below the pivot of $23.75 today and have reached the first support level of $23.40. Investors may be interested in a cross of the next downside pivot targets of $23.21 and $22.67.

Safeway share prices have moved between a 52-week high of $25.14 and a 52-week low of $14.73 and are now trading 60% above that low price at $23.56 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.0% while the 200-day MA has risen 0.8%.

Safeway (NYSE:SWY) is currently priced 5.4% above its average consensus analyst price target of $22.29. The stock should find initial support at its 50-day moving average (MA) of $20.05 and further support at its 200-day MA of $17.60.

SmarTrend recommended that subscribers consider buying shares of Safeway on September 14th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.80. Since that recommendation, shares of Safeway have risen 40.5%. We continue to monitor SWY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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