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Safeway (SWY) Crosses Pivot Point Support at $26.42

Published on Wed, 04/17/2013 - 09:46
By Peter Chu

Shares of Safeway (NYSE:SWY) have bearishly opened below the pivot of $26.57 today and have reached the first support level of $26.42. Investors may be interested in a cross of the next downside pivot targets of $26.21 and $25.84.

Safeway Inc. operates a retail food and drug chain in the U.S. and Canada. The Company also has a network of distribution, manufacturing, and food processing facilities. Safeway's retail operations are located in California, Oregon, Washington, Alaska, Colorado, Arizona, Texas, the Chicago metropolitan area and the Mid-Atlantic region, British Columbia, Alberta and Manitoba/Saskatchewan.

Based on a current price of $26.41, Safeway is currently 15.6% above its average consensus analyst price target of $22.29. The stock should discover initial support at its 50-day moving average (MA) of $23.73 and subsequent support at its 200-day MA of $18.53.

In the past 52 weeks, shares of Safeway have traded between a low of $14.73 and a high of $27.00 and are now at $26.41, which is 79% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has advanced 1.9%.

By Peter Chu
pchu@fnno.com