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Bearish Moving Average Cross by Praxair (PX)

Published on Tue, 08/06/2013 - 11:30
By Robert Cotter

Today, shares of Praxair (NYSE:PX) have crossed bearishly below their 10-day moving average of $119.65 on a volume of 372K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Praxair, Inc. supplies gas to industries primarily located in North and South America. The Company produces, sells, and distributes atmospheric gases including oxygen, nitrogen, argon, and rare gases, as well as process gases including carbon dioxide, helium, hydrogen, electronics gases, and acetylene. Praxair also supplies metallic and ceramic coatings and powders.

In the past 52 weeks, Praxair share prices have been bracketed by a low of $102.79 and a high of $121.86 and are now at $119.53, 16% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has risen 0.2%.

Praxair has overhead space with shares priced $119.53, or 3.4% below the average consensus analyst price target of $123.76. Praxair shares have support at the 50-day moving average (MA) of $116.70 and additional support at the 200-day MA of $112.11.

By Robert Cotter
rcotter@fnno.com