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PetSmart Bearish Moving Average Crossover Alert (PETM)

Published on Wed, 01/23/2013 - 12:11
By Adrienne Chilton

PetSmart (NASDAQ:PETM) crossed under its 10-day moving average of $68.57 on a volume of 310K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

PetSmart (NASDAQ:PETM) has potential upside of 10.9% based on a current price of $68.32 and analysts' consensus price target of $75.76. The stock should hit resistance at its 50-day moving average (MA) of $68.93, as well as support at its 200-day MA of $66.37.

PetSmart, Inc. is a specialty retailer of products and services for pets. The Company operates pet superstores in the United States and Canada, as well as a pet supply catalog business, and an equity interest in PetSmart.com. PetSmart provides pet food and supplies, and offers full-service veterinary, grooming and pet training services.

In the past 52 weeks, shares of PetSmart have traded between a low of $52.82 and a high of $72.75 and are now at $68.32, which is 29% 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 remained constant.

By Adrienne Chilton
achilton@fnno.com