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Precision Castparts (PCP) Breaks Through Support at $183.53

Published on Thu, 01/31/2013 - 10:40
By Peter Chu

Shares of Precision Castparts (NYSE:PCP) have bearishly opened below the pivot of $185.63 today and have reached the first support level of $183.53. Analysts will be watching for a cross of the next downside pivot targets of $182.46 and $179.29.

Precision Castparts has overhead space with shares priced $182.99, or 14.9% below the average consensus analyst price target of $214.94. The stock should find resistance at its 50-day moving average (MA) of $185.36, as well as support at its 200-day MA of $170.44.

In the past 52 weeks, Precision Castparts share prices have been bracketed by a low of $150.53 and a high of $194.95 and are now at $182.99, 22% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has risen 0.2%.

Precision Castparts Corp. is a worldwide manufacturer of complex metal components and products. The Company manufactures large, complex structural investment castings and airfoil castings used in jet aircraft engines. Precision has also expanded into the industrial gas turbine, industrial metal working tools and machines, and other metal products markets.

By Peter Chu
pchu@fnno.com