Office Depot Up 7.6%, Shares Break Through Resistance (ODP)

Published on Fri, 02/22/2013 - 13:23
By Robert Cotter in Market movers, ODP, nyse:odp, office depot, penny stocks

Office Depot (NYSE:ODP) is one of today's best performing low-priced stocks, up 7.6% to $4.28 on 2.5x average daily volume. Office Depot has traded 30.5 million shares thus far today, vs. average volume of 12.4 million shares per day. The stock has outperformed the Dow (7.6% to the Dow's 0.8%) and outperformed the S&P 500 (7.6% to the S&P's 0.7%) during today's trading.

Office Depot, Inc. operates a chain of office product warehouse stores in North America, Europe, Asia and Central America. The Company sells branded merchandise and provides business services primarily to small and medium-sized businesses and the home office market.

In the past 52 weeks, Office Depot share prices have been bracketed by a low of $1.51 and a high of $6.10 and are now at $4.28, 184% above that low price. Over the past week, the 200-day moving average (MA) has gone up 1.0% while the 50-day MA has advanced 1.7%.

There is potential upside of 2.0% for shares of Office Depot based on a current price of $4.28 and an average consensus analyst price target of $4.37. The stock should find initial support at its 50-day moving average (MA) of $3.96 and further support at its 200-day MA of $2.68.

By Robert Cotter
rcotter@fnno.com

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