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Tenaris Crosses Below its 10-day MA (TS)

Published on Thu, 04/04/2013 - 11:14
By Robert Cotter

Tenaris (NYSE:TS) crossed under its 10-day moving average of $40.50 on a volume of 324K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Tenaris S.A. manufactures seamless steel pipe products on a global basis. The Company also provides pipe handling, stocking, and distribution services to the oil and gas, energy, and mechanical industries. In addition, Tenaris supplies welded steel pipes for gas pipelines in South America.

Tenaris has overhead space with shares priced $40.02, or 10.4% below the average consensus analyst price target of $44.67. The stock should find resistance at its 50-day moving average (MA) of $40.91, as well as support at its 200-day MA of $39.65.

Tenaris share prices have moved between a 52-week high of $44.88 and a 52-week low of $29.79 and are now trading 34% above that low price at $40.02 per share. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has remained constant.

By Robert Cotter
rcotter@fnno.com

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