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Watch for Shares of PACCAR (PCAR) to Approach Resistance at $54.24

Published on Fri, 07/05/2013 - 13:32
By Mallory Stone

Shares of PACCAR (NASDAQ:PCAR) have bullishly opened above the pivot of $53.22 today and have reached the first resistance level of $53.86. Should the shares continue to rise, the resistance pivots of $54.24 and $55.26 will be of interest.

PACCAR Inc designs, develops, manufactures, and distributes light-, medium-, and heavy-duty trucks, and related aftermarket distribution of parts. The Company also offers finance and leasing services to its customers and dealers.

Based on a current price of $53.99, PACCAR is currently 6.8% above its average consensus analyst price target of $50.33. The stock should discover initial support at its 50-day moving average (MA) of $52.85 and subsequent support at its 200-day MA of $47.33.

In the past 52 weeks, shares of PACCAR have traded between a low of $35.21 and a high of $55.05 and are now at $53.99, which is 53% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.6%.

By Mallory Stone