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M&T Bank (MTB) Crosses Pivot Point Support at $101.57

Published on Wed, 04/03/2013 - 09:45
By Robert Cotter

Shares of M&T Bank (NYSE:MTB) opened today below their pivot of $102.30 and have already reached the first level of support at $101.57. Should the shares continue to fall, the support pivots of $101.06 and $99.82 will be of interest.

In the past 52 weeks, M&T Bank share prices have been bracketed by a low of $76.92 and a high of $105.90 and are now at $101.51, 32% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

There is potential upside of 7.2% for shares of M&T Bank based on a current price of $101.51 and an average consensus analyst price target of $108.82. The stock should find resistance at its 50-day moving average (MA) of $103.62, as well as support at its 200-day MA of $95.82.

M&T Bank Corporation is a bank holding company. The Company, through its banking subsidiaries, offer a variety of commercial banking, trust, and investment services to their customers. M&T Bank operates branch offices in New York, Maryland, Pennsylvania, Delaware, New Jersey, Virginia, West Virginia and the District of Columbia.

By Robert Cotter
rcotter@fnno.com