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Recent 52-Week Low Surpassed in Shares of Globe Specialty Metals (GSM)

Published on Tue, 06/18/2013 - 14:24
By Mallory Stone

Globe Specialty Metals (NASDAQ:GSM) traded at a new 52-week low today of $11.30. Approximately 482,000 shares have changed hands today, as compared to an average 30-day volume of 522,000 shares.

Globe Specialty Metals Inc. produces silicon metal and silicon-based alloys. The Company's products are used for the manufacture of a wide range of industrial products, including silicone compounds, aluminium, ductile iron, automotive parts, steel, photovoltaic solar cells and electronic semiconductors.

Globe Specialty Metals (NASDAQ:GSM) has potential upside of 26.2% based on a current price of $11.34 and analysts' consensus price target of $14.31. The stock should run into initial resistance at its 50-day moving average (MA) of $12.67 and subsequent resistance at its 200-day MA of $14.25.

Over the past year, Globe Specialty Metalshas traded in a range of $11.30 to $25.67 and are now at $11.34. In the last five trading sessions, the 50-day moving average (MA) has fallen 1% while the 200-day MA has slid 0.4%.

By Mallory Stone