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Watch for Shares of Lexmark International (LXK) to Approach Support at $29.89

Published on Fri, 05/24/2013 - 12:42
By Peter Chu

Shares of Lexmark International (NYSE:LXK) have bearishly opened below the pivot of $30.67 today and have reached the first support level of $30.19. Should the shares continue to fall, the support pivots of $29.89 and $29.10 will be of interest.

Over the past year, Lexmark International has traded in a range of $16.10 to $31.75 and is now at $30.25, 88% above that low. The 200-day and 50-day moving averages have moved 1.14% higher and 2.09% higher over the past week, respectively.

Lexmark International, Inc. develops, manufactures, and supplies printing and imaging solutions for offices and homes. The Company's products include laser printers, inkjet printers, multifunction devices, and associated supplies, services and solutions.

Lexmark International (NYSE:LXK) is currently priced 21.9% above its average consensus analyst price target of $23.62. The stock should discover initial support at its 50-day moving average (MA) of $27.90 and subsequent support at its 200-day MA of $24.22.

By Peter Chu
pchu@fnno.com