Aug 31, 2011 (SmarTrend(R) News Watch via COMTEX) -- CNinsure (NASDAQ:CISG - Snapshot Report) traded in a range yesterday that spanned from a low of $10.32 to a high of $11.79. Yesterday, the shares fell 10.59%, which took the trading range below the 3-day low of $10.44 on volume of 881,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean revision.

Shares of CNinsure are currently trading below their 50-day moving average (MA) of $13.88 and below their 200-day MA of $15.79. Look for the MA to provide resistance for a short-term rebound in the shares.

SmarTrend currently has shares of CNinsure in an Downtrend and issued the Downtrend alert on August 08, 2011 at $12.40. The stock has fallen 6.4% since the Downtrend alert was issued.

SmarTrend expects the share price to rebound toward the $10.44 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Insurance Brokers industry.

Source:zacks