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Shares of Nexen Are Moving Lower on 1.3x Above-Average Volume (NXY)

Published on Mon, 01/28/2013 - 14:13
By Adrienne Chilton

Shares of Nexen are trading today in above average volume, with the share price falling 0.3% to $26.89. About 9.9 million shares have been traded today, as compared to the 30-day average volume of 7.8 million shares. Spikes in volume can validate a breakout or signify a potential turning point.

Nexen Inc., operates as an energy company and explores for, develops, produces and markets crude oil, natural gas and power. The Company's oil and gas exploration and development activities are conducted in the North Sea, Canada, Gulf of Mexico, offshore West Africa, and Yemen.

Over the past year, Nexen has traded in a range of $14.63 to $27.06 and is now at $26.89, 84% above that low. The 200-day and 50-day moving averages have moved 0.82% higher and 0.95% higher over the past week, respectively.

There is potential upside of 3.1% for shares of Nexen based on a current price of $26.89 and an average consensus analyst price target of $27.72. The stock should find initial support at its 50-day moving average (MA) of $26.08 and further support at its 200-day MA of $22.49.

By Adrienne Chilton