TMCnet News
Downgrade Alert for China Petroleum & Chemical (SNP)Mar 08, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) -- China Petroleum & Chemical (NYSE:SNP) was downgraded from Buy to Neutral at Nomura today. The stock closed yesterday at $114.50 on volume of 134,000 shares, above average daily volume of 89,000. Over the past year, China Petroleum & Chemical has traded in a range of $82.51 to $122.81 and closed yesterday at $114.50, 39% above that low. The 200-day and 50-day moving averages have moved 0.40% higher and 0.10% higher over the past week, respectively. China Petroleum & Chemical has overhead space with shares priced $114.50, or 8.7% below the average consensus analyst price target of $125.46. The stock should find resistance at its 50-day moving average (MA) of $115.66, as well as support at its 200-day MA of $101.14. China Petroleum and Chemical Corporation (Sinopec) explores for and produces crude oil and natural gas in China. The Company also owns refineries that make petroleum and petrochemical products such as gasoline, diesel, jet fuel, kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and chemical fertilizers. In addition, Sinopec trades petrochemical products. SmarTrend is tracking the current trend status for China Petroleum & Chemical and will alert subscribers who have SNP in their portfolio or watchlist when shares have changed trend direction. 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 |