TMCnet News
Upgrade Alert for Methanex (MEOH)Jan 25, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) -- Methanex (NASDAQ:MEOH) was upgraded from Market Perform to Outperform at Raymond James today. The stock closed yesterday at $34.76 on volume of 862,000 shares, above average daily volume of 207,000. Methanex Corporation produces and markets methanol. The Company's product is used to produce formaldehyde, acetic acid and a variety of other chemical intermediates. Methanol is also used as an additive in gasoline and is used in fuel cell applications. Methanex (NASDAQ:MEOH) has potential upside of 3.7% based on a current price of $34.77 and analysts' consensus price target of $36.06. The stock should discover initial support at its 50-day moving average (MA) of $31.41 and subsequent support at its 200-day MA of $29.88. Over the past year, Methanex has traded in a range of $19.50 to $35.52 and closed yesterday at $34.77, 78% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%. SmarTrend recommended that subscribers consider buying shares of Methanex on December 3rd, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.45. Since that recommendation, shares of Methanex have risen 14.2%. We continue to monitor MEOH 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 |