Celanese Corp. (NYSE: CE) shares rose on Thursday Dec 1 with lower trade volume than normal after a number of analysts weighed in on the investing value of the stock, increasing the price target of stock.
Meanwhile, U.S. stocks opened with slight gains on Thursday.
The Dow Jones Industrial Average DJIA, +0.31% rose 38.22 points, or 0.2%, to 19,174, while the S&P 500 SPX, +0.01% added 2.1 points to 2,202, a rise of 0.1%.
The Nasdaq Composite Index COMP, -0.32% rose less than 1 point to 5,323, essentially unchanged on the day.
Celanese Corp. (NYSE: CE) had its price target increased by equities researchers at Cowen and Company from $80.00 to $88.00. With a rating of Outperform on the stock, the company has a 52-week high of $80.30. The one-year price target of $78.89 is a decrease compared to the opening price of $80.06, resulting a fair amount of other analysts to issue statements on the company recently.
Shares of Celanese Corp. (NYSE: CE) opened at $80.06 on Tuesday trading between $79.68 and $80.30, and last traded at $79.99, which is a jump of $0.67 or 0.84% compared to the previous closing price.
Celanese Corp. (NYSE: CE) now has a market cap of 11.45B.
Celanese Corp. (NYSE: CE) Average Daily Trading Volume
131,921 shares traded hands yesterday, below normal, out of a total float 134,046,000. Investors often use increases in trading volume to determine large volume aggregation or distribution by institutional investors, so trading volume is likely to increase in the next few days.
However, a single day of high volume buy side trading is not enough to affirm a trend. So market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain teams of analysts researching thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
Celanese Corp. (NYSE: CE) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By marking the activity of these professional investors—and the moving averages they influence— traders are able to make make smarter trades.
With that in mind, Celanese Corp. (NYSE: CE) now has a 50-day MA of $72.72 and 200-day MA of $68.26. It has traded in a 52-week range between $55.07 – 80.30 and today’s last price is 0.39%% lower than the 52 week high of $80.30.
Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors identify companies that have raised their earnings by at least 25% for 3 consecutive years.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.