On a day that saw the Dow Jones and S&P 500 record their worst day since September of last year, Signet Jewelers (NYSE:SIG) shares increased $0.38 (0.7%) on heavy volume. The largest U.S. specialty jewelry retailer saw 1.91 million shares trade hands on Wednesday compared to its average daily volume over the last month of approximately 0.88 million.
This is more than 2x its normal volume on a day where there was really no news (outside of the volume bump). Could this be a bullish signal for investors? Typically, a volume increase of this size with limited news implies market awareness and support for a more meaningful move upward.
Limited growth and unwelcome headlines have pushed Signet Jewelers’ stock right at its 52-week low. However, shares may have reached their bottom as yesterday’s high volume could provide stability for a large move upward.
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Submitted May 18, 2017 at 09:33AM by dylanjcowan http://ift.tt/2qviJI4
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