Shares of China Mobile Are Moving Lower on 1.2x Above-Average Volume (CHL)

Published on Fri, 03/01/2013 - 14:15
By Adrienne Chilton in Unusual volume, CHL, china mobile, nyse:chl, unusual volume

Shares of China Mobile are trading down 0.5% to $54.53 today on above average volume. Today's volume of 807,000 shares tops the average 30-day volume of 646,000 shares. Spikes in volume can validate a breakout or signify a potential turning point.

China Mobile Limited, through its subsidiaries, provides cellular telecommunications and related services in the People's Republic of China and Hong Kong SAR.

Potential upside of 17.4% exists for China Mobile, based on a current level of $54.53 and analysts' average consensus price target of $64.00. The stock should find initial resistance at its 200-day moving average (MA) of $55.11 and further resistance at its 50-day MA of $56.33.

Over the past year, China Mobile has traded in a range of $49.37 to $59.73 and is now at $54.53, 10% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

By Adrienne Chilton
achilton@fnno.com

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