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TMCNet:  Traders Get Bullish on Shares of Office Depot, Shares Up 7.6% (ODP)

[February 22, 2013]

Traders Get Bullish on Shares of Office Depot, Shares Up 7.6% (ODP)

Feb 22, 2013 (SmarTrend(R) Spotlight via COMTEX) -- Office Depot (NYSE:ODP) is one of today's best performing low-priced stocks, up 7.6% to $4.28 on 2.1x average daily volume. Office Depot has traded 26.5 million shares thus far today, vs. average volume of 12.4 million shares per day. The stock has outperformed the Dow (7.6% to the Dow's 0.5%) and outperformed the S&P 500 (7.6% to the S&P's 0.5%) during today's trading.
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Office Depot, Inc. operates a chain of office product warehouse stores in North America, Europe, Asia and Central America. The Company sells branded merchandise and provides business services primarily to small and medium-sized businesses and the home office market.

Office Depot share prices have moved between a 52-week high of $6.10 and a 52-week low of $1.51 and are now trading 184% above that low price at $4.28 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has risen 1.0%.

Office Depot (NYSE:ODP) has potential upside of 2.0% based on a current price of $4.28 and analysts' consensus price target of $4.37. The stock should discover initial support at its 50-day moving average (MA) of $3.96 and subsequent support at its 200-day MA of $2.68.

SmarTrend is monitoring the recent change of momentum in Office Depot. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Office Depot in search of a potential trend change.

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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