Staples (NASDAQ:SPLS) shares have crossed bearishly below their 10-day moving average of $13.16 on a volume of 19.4 million shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.
Over the past year, Staples has traded in a range of $10.57 to $16.93 and is now at $12.49, 18% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has slid 0.2%.
Staples, Inc. retails office supplies, furniture, and technology. The Company's customers include consumers and businesses in the United States, Canada, the United Kingdom, and Germany. Staples serves its customers through office superstores, mail order catalogs, the Internet, and a contract business.
There is potential upside of 17.6% for shares of Staples based on a current price of $12.49 and an average consensus analyst price target of $14.69. The stock should hit resistance at its 50-day moving average (MA) of $12.69, as well as support at its 200-day MA of $12.25.