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Stock Investors Sell Off Shares of Banco Macro, Down 2.2%

Published on Fri, 04/05/2013 - 10:34
By Adrienne Chilton

Banco Macro (NYSE:BMA) is a company whose shares are active, trading 2.2% lower to $14.11. The S&P is trading lower by 1.0% to 1,544 and the Dow is trading 0.9% lower to 14,469.

There is potential upside of 65.5% for shares of Banco Macro based on a current price of $14.11 and an average consensus analyst price target of $23.35. The stock should find initial resistance at its 200-day moving average (MA) of $14.76 and further resistance at its 50-day MA of $16.03.

Banco Macro share prices have moved between a 52-week high of $19.73 and a 52-week low of $10.74 and are now trading 31% above that low price at $14.11 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has declined 1.8%.

Banco Macro SA attracts deposits and offers retail and commercial banking services. The Bank offers Visa and Amex credit cards, consumer loans, insurance, and other financial services. Bansud operates in Argentina and in the Bahamas through its subsidiary Sun Bank & Trust.

By Adrienne Chilton
achilton@fnno.com