Shutterfly (NASDAQ:SFLY), an online manufacturer and retailer of photo-based products and services, took a hit on Thursday on poor reaction to its earnings. The stock is now trading below its 50- and 200-day moving averages, which puts it in a weak technical position.
Support
Traders and investors should expect the stock to continue lower in the coming weeks. The next major support level is around $39, which is where the stock was defended in January 2016 before breaking out to new 52-week highs. Remember that when a stock back-tests past support, they find institutional support.