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Stock to Watch: Ivanhoe Energy Down 9.9% (IVAN)

Published on Mon, 03/18/2013 - 10:25
By Adrienne Chilton

Ivanhoe Energy (NASDAQ:IVAN) is one of today's worst performing penny stocks, down 9.9% to $0.64 on 2.0x average daily volume. Thus far today, Ivanhoe Energy has traded 911,000 shares, vs. average volume of 459,000 shares per day. The stock has underperformed the Dow (-9.9% to the Dow's -0.3%) and underperformed the S&P 500 (-9.9% to the S&P's -0.5%) during today's trading.

Ivanhoe Energy (NASDAQ:IVAN) has potential upside of 19.5% based on a current price of $0.64 and analysts' consensus price target of $0.77. The stock should run into initial resistance at its 200-day moving average (MA) of $0.66 and subsequent resistance at its 50-day MA of $0.75.

Ivanhoe Energy, Inc. is an independent international oil and gas exploration and development company. The Company's technologies include upgrading heavy oil to light oil and converting natural gas to liquids. Ivanhoe operates in Canada the United States and China.

In the past 52 weeks, shares of Ivanhoe Energy have traded between a low of $0.41 and a high of $2.03 and are now at $0.64, which is 57% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 0.3%.

By Adrienne Chilton
achilton@fnno.com