user warning: Got error 28 from storage engine query: SELECT t.* FROM term_node r INNER JOIN term_data t ON r.tid = t.tid INNER JOIN vocabulary v ON t.vid = v.vid WHERE r.vid = 433369 ORDER BY v.weight, t.weight, in /var/www/ on line 617.

Bearish Moving Average Cross by Fomento Economico Mexicano (FMX)

Published on Thu, 01/31/2013 - 12:09
By Robert Cotter

Fomento Economico Mexicano (NYSE:FMX) crossed under its 10-day moving average of $108.78 on a volume of 437K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, Fomento Economico Mexicano share prices have been bracketed by a low of $68.65 and a high of $111.92 and are now at $108.57, 58% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.1%.

Based on a current price of $108.57, Fomento Economico Mexicano is currently 1.9% above its average consensus analyst price target of $106.56. The stock should discover initial support at its 50-day moving average (MA) of $101.48 and subsequent support at its 200-day MA of $90.12.

Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA) is an integrated beverage company. The Company through its subsidiaries produces, distributes and markets large-scale soft drinks, beer and convenience stores throughout Latin America, the United States and Mexico.

By Robert Cotter