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Upgrade Alert for Nexen (NXY)Jan 22, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) -- Nexen (NYSE:NXY) was upgraded from Sell to Hold at Canaccord Genuity today. The stock closed yesterday at $27.06 on volume of 4.8 million shares, below average daily volume of 12.0 million. Nexen share prices have moved between a 52-week high of $27.06 and a 52-week low of $14.63 and closed yesterday at 85% above that low price at $27.06 per share. The 200-day and 50-day moving averages have moved 0.99% higher and 1.06% higher over the past week, respectively. Nexen Inc., operates as an energy company and explores for, develops, produces and markets crude oil, natural gas and power. The Company's oil and gas exploration and development activities are conducted in the North Sea, Canada, Gulf of Mexico, offshore West Africa, and Yemen. Nexen (NYSE:NXY) has potential upside of 2.6% based on a current price of $27.06 and analysts' consensus price target of $27.75. The stock should discover initial support at its 50-day moving average (MA) of $25.84 and subsequent support at its 200-day MA of $22.30. SmarTrend recommended that subscribers consider buying shares of Nexen on June 29th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.13. Since that recommendation, shares of Nexen have risen 58.0%. We continue to monitor NXY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately. Write to Chip Brian at [email protected] --------------------------------------------------------------------------------------------- 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 |