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Conn's Bearish Moving Average Crossover Alert (CONN)

Published on Wed, 10/09/2013 - 11:38
By Adrienne Chilton

Conn's (NASDAQ:CONN) crossed under its 10-day moving average of $52.55 on a volume of 334K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.

Conn's, Inc. is a specialty retailer of home appliances and consumer electronics through stores in Texas and Louisiana, and via its website. Conn's also offers home office equipment, lawn and garden products, and other home products such as bedding.

Over the past year, Conn's has traded in a range of $22.81 to $69.32 and is now at $52.42, 130% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has declined 0.8%.

Conn's (NASDAQ:CONN) has potential upside of 40.7% based on a current price of $52.42 and analysts' consensus price target of $73.75. The stock should hit resistance at its 50-day moving average (MA) of $59.22, as well as support at its 200-day MA of $45.76.

By Adrienne Chilton
achilton@fnno.com

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