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Bearish Moving Average Cross by Omnivision Technologies (OVTI)

Published on Fri, 04/26/2013 - 11:16
By Peter Chu

Omnivision Technologies (NASDAQ:OVTI) shares have crossed bearishly below their 10-day moving average of $12.80 on a volume of 293K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

OmniVision Technologies, Inc. provides integrated single chip semiconductor imaging devices. The Company designs, develops, and markets semiconductor imaging devices for computing, communications, and consumer electronics applications. OmniVision's image sensor product is used in cameras and camera related products such as personal computer, digital, and security cameras.

There is potential upside of 65.7% for shares of Omnivision Technologies based on a current price of $12.64 and an average consensus analyst price target of $20.94. The stock should find initial resistance at its 50-day moving average (MA) of $13.94 and further resistance at its 200-day MA of $14.45.

Over the past year, Omnivision Technologies has traded in a range of $10.15 to $36.78 and is now at $12.64, 25% above that low. The 200-day and 50-day moving averages have moved 0.09% lower and 1.24% lower over the past week, respectively.

By Peter Chu