Perrigo (NASDAQ:PRGO) crossed under its 10-day moving average of $194.92 on a volume of 431K 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.
Over the past year, Perrigo has traded in a range of $135.00 to $215.73 and is now at $194.80, 44% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.8%.
Based on a current price of $194.80, Perrigo is currently 0.5% above its average consensus analyst price target of $193.75. The stock should discover initial support at its 50-day moving average (MA) of $188.66 and subsequent support at its 200-day MA of $163.82.
Perrigo Company manufactures store brand over-the-counter pharmaceutical products and also manufactures store brand nutritional products. The Company's customers include major national and regional retail drug, supermarket, and mass merchandise chains such as Albertson's, CVS, and Target, and major wholesalers such as Super Valu and McKesson.