Bearish Moving Average Cross by Canon (CAJ)
Today, shares of Canon (NYSE:CAJ) have fallen below their 10-day MA of $44.40 on a volume of 235K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.
In the past 52 weeks, Canon share prices have been bracketed by a low of $42.15 and a high of $52.30 and are now at $44.07, 5% above that low price. in the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has slid 0.3%.
CANON INC. is a professional and consumer imaging solutions company and patent-holder of digital imaging technologies. The Company’s products include networked multifunction devices, digital and analog copiers, computer peripherals, facsimile machines, image filing systems, camcorders, cameras and lenses, semiconductor, and broadcast and medical equipment.
There is potential upside of 13.6% for shares of Canon based on a current price of $44.07 and an average consensus analyst price target of $50.08. The stock should find initial resistance at its 50-day moving average (MA) of $45.01 and further resistance at its 200-day MA of $46.04.
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