22 JUNE 2012FNN Online
Noranda Aluminum shares showing bearish trend
Edited by : AL CIRCLE
1 min read
Noranda Aluminum shares have crossed bearishly below their 10-day moving average of $7.81 on a volume of 110K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.
Noranda Aluminum share prices have moved between a 52-week high of $15.50 and a 52-week low of $6.29 and are now trading 21% above that low price at $7.63 per share. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 1.1%.
Noranda Aluminum Holding Corp is an integrated producer of aluminum products, as well as rolled aluminum coils. The Company produces aluminum products in the form of billets, rods and sows, used mainly for building construction, architectural and transportation applications. Noranda also produces foil and light gauge sheet products from its rolling mills.
Potential upside of 76.9% exists for Noranda Aluminum, based on a current level of $7.63 and analysts' average consensus price target of $13.50. The stock should find initial resistance at its 50-day moving average (MA) of $8.78 and further resistance at its 200-day MA of $9.42.
Noranda Aluminum share prices have moved between a 52-week high of $15.50 and a 52-week low of $6.29 and are now trading 21% above that low price at $7.63 per share. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 1.1%.
Noranda Aluminum Holding Corp is an integrated producer of aluminum products, as well as rolled aluminum coils. The Company produces aluminum products in the form of billets, rods and sows, used mainly for building construction, architectural and transportation applications. Noranda also produces foil and light gauge sheet products from its rolling mills.
Potential upside of 76.9% exists for Noranda Aluminum, based on a current level of $7.63 and analysts' average consensus price target of $13.50. The stock should find initial resistance at its 50-day moving average (MA) of $8.78 and further resistance at its 200-day MA of $9.42.
Previous article
Chinese Aluminum Billet Price Drops after 3 Flat Days
Next articleGlobal Aluminium output drops in Jan-May
Grow with
AL Circle
