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Watch for Shares of Sears Holdings (SHLD) to Approach Support at $46.97

Published on Thu, 02/21/2013 - 13:42
By Robert Cotter

Shares of Sears Holdings (NASDAQ:SHLD) have bearishly opened below the pivot of $48.31 today and have reached the first support level of $47.43. Investors may be interested in a cross of the next downside pivot targets of $46.97 and $45.63.

Sears Holdings Corporation is a broadline retailer with full-line and specialty retail stores in the United States and Canada. The Company retails home appliances, as well as tools, lawn and garden products, home electronics, and other products. Sears Holdings also provides automotive repair and maintenance.

Over the past year, Sears Holdings has traded in a range of $38.40 to $85.90 and is now at $47.39, 23% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.7%.

Sears Holdings (NASDAQ:SHLD) is currently priced 42.5% above its average consensus analyst price target of $27.24. The stock should hit resistance at its 200-day moving average (MA) of $52.30, as well as support at its 50-day MA of $44.46.

By Robert Cotter
rcotter@fnno.com