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Perrigo Crosses Below its 10-day MA (PRGO)

Published on Fri, 04/05/2013 - 11:15
By Robert Cotter

Perrigo (NASDAQ:PRGO) crossed under its 10-day moving average of $118.31 on a volume of 105K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Perrigo has overhead space with shares priced $117.66, or 5.1% below the average consensus analyst price target of $123.92. The stock should find initial support at its 50-day moving average (MA) of $112.63 and further support at its 200-day MA of $111.56.

In the past 52 weeks, Perrigo share prices have been bracketed by a low of $96.52 and a high of $120.94 and are now at $117.66, 22% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.1%.

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.

By Robert Cotter