Stock Investors Sell Off Shares of Methanex, Down 1.1%

Published on Fri, 03/22/2013 - 10:42
By Robert Cotter in Market movers, MEOH, market movers, methanex, nasdaq:meoh

Methanex (NASDAQ:MEOH) is a company whose shares are active, trading 1.1% lower to $41.08. The Dow is up 0.5% to 14,494 and the S&P is currently up 0.5% to 1,554.

Methanex (NASDAQ:MEOH) is currently priced 1.7% above its average consensus analyst price target of $40.40. The stock should discover initial support at its 50-day moving average (MA) of $35.82 and subsequent support at its 200-day MA of $30.96.

In the past 52 weeks, Methanex share prices have been bracketed by a low of $19.50 and a high of $41.68 and are now at $41.08, 111% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.9% while the 50-day MA has advanced 1.9%.

Methanex Corporation produces and markets methanol. The Company's product is used to produce formaldehyde, acetic acid and a variety of other chemical intermediates. Methanol is also used as an additive in gasoline and is used in fuel cell applications.

By Robert Cotter
rcotter@fnno.com

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