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Weyerhaeuser (WY) Breaks Through Resistance at $30.75

Published on Tue, 02/05/2013 - 13:39
By Adrienne Chilton

Shares of Weyerhaeuser (NYSE:WY) have bullishly opened above the pivot of $30.37 today and have reached the first resistance level of $30.75. Investors may be interested in a cross of the next upside pivot targets of $31.01 and $31.65.

Weyerhaeuser Company is an integrated forest products company with offices or operations worldwide. The Company primarily grows and harvests trees, develops and construct real estate and makes a range of forest products.

Potential upside of 1.5% exists for Weyerhaeuser, based on a current level of $30.89 and analysts' average consensus price target of $31.36. The stock should discover initial support at its 50-day moving average (MA) of $28.77 and subsequent support at its 200-day MA of $24.82.

In the past 52 weeks, Weyerhaeuser share prices have been bracketed by a low of $18.60 and a high of $31.74 and are now at $30.89, 66% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.9%.

By Adrienne Chilton