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Ashland Crosses Above its 10-day MA (ASH)

Published on Tue, 01/15/2013 - 12:10
By Mallory Stone

Ashland (NYSE:ASH) crossed over its 10-day moving average of $84.50 on a volume of 129K shares. Swing traders may find an opportunity for a long position, as such a crossover often suggests higher prices in the near term.

Over the past year, Ashland has traded in a range of $58.54 to $86.66 and is now at $84.77, 45% above that low. The 200-day and 50-day moving averages have moved 0.49% higher and 1.25% higher over the past week, respectively.

Operating in over 100 countries, Ashland Inc. provides the specialty chemicals, technologies and insights to help customers create new and improved products for today and sustainable solutions for tomorrow. Ashland's chemistry is at work every day in a wide variety of markets and applications, including architectural coatings, automotive, construction, energy, personal care, pharmaceutical, tissue and towel, and water treatment.

Ashland has overhead space with shares priced $84.77, or 6.7% below the average consensus analyst price target of $90.90. The stock should find initial support at its 50-day moving average (MA) of $75.88 and further support at its 200-day MA of $70.29.

By Mallory Stone