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Bearish Moving Average Cross by Impax Laboratories (IPXL)

Published on Thu, 02/07/2013 - 12:17
By Adrienne Chilton

Impax Laboratories (NASDAQ:IPXL) crossed under its 10-day moving average of $20.03 on a volume of 340K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Impax Laboratories, Inc. develops, manufactures, and markets both proprietary and multi-source pharmaceutical products utilizing its drug delivery technologies. The Company specializes in the development of niche and controlled release generics, as well as the development of branded products.

Potential upside of 18.3% exists for Impax Laboratories, based on a current level of $19.63 and analysts' average consensus price target of $23.22. The stock should find initial resistance at its 50-day moving average (MA) of $20.60 and further resistance at its 200-day MA of $22.20.

Impax Laboratories share prices have moved between a 52-week high of $28.75 and a 52-week low of $14.46 and are now trading 36% above that low price at $19.63 per share. The 200-day and 50-day moving averages have moved 0.31% lower and 0.07% lower over the past week, respectively.

By Adrienne Chilton