Cooper Industries plc (CBE) Gets Bearish Confirmation
Published on 07/27/2010 by Leo Goldman
NEW YORK (Market Intellisearch) -- Shares of Cooper Industries plc closed below the 50-day moving average of $46.49.
Technical analysts and investors who study trading patterns will view this development as a sign of weakness.
The price when compared to the moving average can be used as an indicator to determine the trend.
Today's closing price of $45.86 $0.70(-1.50%) may indicate that CBE may head lower in the foreseeable
future assuming the moving average continues to decrease. On the volume side, 1,683,236 shares exchanged hands
versus the average volume of 1,710,280. Today, the stock price ranged between $45.62 - $46.90 and the stock's 52 week low
is 30.9 and the high is 51.74.
Other relevant figures to examine are the support and resistance levels. Based on the pivot points, the current support
and resistance levels for CBE are 45.35 and 46.63 respectively. If the support point price is broken in an downward movement, then the bearish trend is likely to continue and vice versa.
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