Owens Corning (OC) Stock Trades Below the 50-Day Moving Average
Published on 07/28/2010 by Leo Goldman
NEW YORK (Market Intellisearch) -- Shares of Owens Corning closed below the 50-day moving average of $31.30.
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 $30.90 $0.58(-1.84%) may indicate that OC may head lower in the foreseeable
future assuming the moving average continues to decrease. On the volume side, 1,030,311 shares exchanged hands
versus the average volume of 2,297,070. Today, the stock price ranged between $30.76 - $31.76 and the stock's 52 week low
is 16.6 and the high is 37.36.
Investor expectations change with time, and they often do so abruptly. The development of resistance levels is
probably the most noticeable and reoccurring event on price charts. The breaking through resistance levels can be
triggered by fundamental changes that are above or below investor's expectations. Based on the pivot points, the current support
and resistance levels for OC are 30.52 and 31.52 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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