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Bearish Moving Average Cross by Hologic (HOLX)

Published on Mon, 02/04/2013 - 12:14
By Adrienne Chilton

Hologic (NASDAQ:HOLX) shares have crossed bearishly below their 10-day moving average of $23.52 on a volume of 807K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Hologic, Inc. develops, manufactures, and markets x-ray systems. The Company makes x-ray bone densitometers that measure the precise bone density for use in the diagnosing of metabolic bone diseases such as osteoporosis.

In the past 52 weeks, Hologic share prices have been bracketed by a low of $13.90 and a high of $23.96 and are now at $23.28, 67% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.9%.

Potential upside of 7.3% exists for Hologic, based on a current level of $23.28 and analysts' average consensus price target of $24.97. The stock should discover initial support at its 50-day moving average (MA) of $20.94 and subsequent support at its 200-day MA of $19.65.

By Adrienne Chilton
achilton@fnno.com