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Bearish Moving Average Cross by CVR Energy (CVI)

Published on Wed, 02/20/2013 - 12:14
By Mallory Stone

CVR Energy (NYSE:CVI) crossed under its 10-day moving average of $55.32 on a volume of 145K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

CVR Energy, Inc. is an independent refiner and marketer of transportation fuels. The Company, also through a limited partnership produces ammonia and urea ammonia nitrate, or UAN, fertilizers.

CVR Energy (NYSE:CVI) is currently priced 1.7% above its average consensus analyst price target of $53.83. The stock should discover initial support at its 50-day moving average (MA) of $51.21 and subsequent support at its 200-day MA of $37.03.

In the past 52 weeks, CVR Energy share prices have been bracketed by a low of $23.54 and a high of $59.27 and are now at $54.77, 133% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.7%.

By Mallory Stone
mstone@fnno.com