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Buyers Accumulate Shares of Cresud SACIF, Up 1.5%

Published on Fri, 05/31/2013 - 10:31
By Peter Chu

Cresud SACIF (NASDAQ:CRESY), a company whose shares are moving quickly, is trading 1.5% higher to $8.08. The Dow Jones Industrial Average is now trading fractionally lower to 15,323 and the S&P is trading fractionally lower to 1,652.

Cresud SACIF (NASDAQ:CRESY) has potential upside of 110.4% based on a current price of $8.08 and analysts' consensus price target of $17.00. The stock should find initial resistance at its 200-day moving average (MA) of $8.59 and further resistance at its 50-day MA of $8.81.

Cresud S.A.C.I.F.y A. purchases and leases farms in Argentina's Pampas region, and produces agricultural products. The Company cultivates grains including wheat, corn, soybeans, and sunflowers, raises beef and dairy cattle, and produces milk.

In the past 52 weeks, Cresud SACIF share prices have been bracketed by a low of $6.69 and a high of $9.89 and are now at $8.08, 21% above that low price. The 200-day and 50-day moving averages have moved 0.14% lower and 0.88% lower over the past week, respectively.

By Peter Chu
pchu@fnno.com

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