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McCormick & Co (MKC) Breaks Through Support at $61.49

Published on Mon, 01/28/2013 - 10:40
By Robert Cotter

Shares of McCormick & Co (NYSE:MKC) opened today below their pivot of $62.02 and have already reached the first level of support at $61.49. Should the shares continue to fall, the support pivots of $61.11 and $60.20 will be of interest.

Potential upside of 3.3% exists for McCormick & Co, based on a current level of $61.29 and analysts' average consensus price target of $63.30. The stock should find resistance at its 50-day moving average (MA) of $64.63, as well as support at its 200-day MA of $60.78.

Over the past year, McCormick & Co has traded in a range of $49.87 to $66.95 and is now at $61.29, 23% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has risen 0.3%.

McCormick & Company, Inc. manufactures, markets, and distributes flavor products (including spices, herbs, extracts, seasonings and flavorings) and other specialty food products to the food industry. The Company sells to retail stores, food manufacturers, and food service businesses.

By Robert Cotter
rcotter@fnno.com

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