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Shares of Harvest Natural Resources Are Moving Lower on 15.9x Above-Average Volume (HNR)

Published on Wed, 02/20/2013 - 14:09
By Robert Cotter

Shares of Harvest Natural Resources are trading down 37.8% to $5.70 today on above average volume. About 5.7 million shares have been traded today, as compared to the 30-day average volume of 360,000 shares. Spikes in volume can validate a breakout or signify a potential turning point.

Potential upside of 97.4% exists for Harvest Natural Resources, based on a current level of $5.70 and analysts' average consensus price target of $11.25. The stock should run into initial resistance at its 200-day moving average (MA) of $8.35 and subsequent resistance at its 50-day MA of $9.26.

Harvest Natural Resources, Inc. is an independent oil and gas exploration and development company with principal operations in Venezuela and Russia.

Over the past year, Harvest Natural Resources has traded in a range of $4.85 to $10.83 and is now at $5.70, 18% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.2%.

By Robert Cotter
rcotter@fnno.com

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