Bearish Moving Average Cross by Coca-Cola Enterprises (CCE)

Published on Mon, 03/18/2013 - 11:29
By Robert Cotter in Moving average crossovers, cce, coca-cola enterprises, moving crosses, nyse:cce

Coca-Cola Enterprises (NYSE:CCE) crossed under its 10-day moving average of $36.02 on a volume of 369K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.

Coca-Cola Enterprises share prices have moved between a 52-week high of $36.57 and a 52-week low of $26.05 and are now trading 38% above that low price at $35.92 per share. Over the past week, the 200-day moving average (MA) has gone up 0.7% while the 50-day MA has advanced 1.3%.

Coca-Cola Enterprises Inc. markets, sells, manufactures, and distributes non-alcoholic beverages. The Company provides refreshments, including sparkling waters, juices, isotonics, teas, and sodas. Coca-Cola Enterprises operates internationally.

There is potential upside of 5.7% for shares of Coca-Cola Enterprises based on a current price of $35.92 and an average consensus analyst price target of $37.98. The stock should discover initial support at its 50-day moving average (MA) of $34.93 and subsequent support at its 200-day MA of $31.06.

By Robert Cotter
rcotter@fnno.com

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