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MEMC Electronic Materials (WFR) Approaches New Upside Target of $4.22

Published on Mon, 04/08/2013 - 12:40
By Mallory Stone

MEMC Electronic Materials (NYSE:WFR) has opened bullishly above the pivot of $4.09 today and has reached the first level of resistance at $4.16. Investors may be interested in a cross of the next upside pivot targets of $4.22 and $4.35.

MEMC Electronic Materials, Inc. produces silicon wafers. The Company's products are used in computers, telecommunications equipment, automobiles, consumer electronics products, industrial automation and control systems, and analytical and defense systems. MEMC operates manufacturing facilities in Italy, Japan, Malaysia, South Korea, Taiwan, and the United States.

MEMC Electronic Materials has overhead space with shares priced $4.17, or 31.9% below the average consensus analyst price target of $6.12. The stock should hit resistance at its 50-day moving average (MA) of $4.60, as well as support at its 200-day MA of $3.18.

In the past 52 weeks, shares of MEMC Electronic Materials have traded between a low of $1.44 and a high of $5.70 and are now at $4.17, which is 190% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 1.8%.

By Mallory Stone
mstone@fnno.com